Residence at Canopy Pointe
substantial declaration text with NO association/board/assessment/common-area language
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What Residence at Canopy Pointe's governing documents say
Residence at Canopy Pointe is a 72-unit affordable rental community in Wilmington, NC, funded by a CDBG-DR loan from the North Carolina Housing Finance Agency. This document is a Declaration of Deed Restrictions and Regulatory Agreement that binds the property owner (landlord), not residents directly, to maintain income-restricted rents for at least 30 years. Residents must meet income limits and pay rents set by the schedule.
- Affordability & income limits: All units must be rented to households with incomes at or below specified percentages of Area Median Income (AMI), ranging from 30% to 80% AMI. Initial gross rents (including utilities) are capped per unit type, e.g., $479/month for a 1-bedroom at 30% AMI, $1,250/month for a 2-bedroom at 80% AMI. Rents may only increase with lender approval.
- Leasing & occupancy: All units must be rented continuously to the general public, with no preference to any class, and only to qualified tenants meeting income requirements. Vacant units count toward affordability if not due to substandard conditions.
- Tenant income verification: The landlord must obtain initial and annual income certifications from tenants, with third-party verification. A household remains qualified unless income exceeds 140% of the applicable income limit.
- Term of affordability: The affordability restrictions last at least 30 years or the loan term, whichever is longer. Enforcement is suspended during foreclosure but may revive if the prior owner reacquires the property.
- What this document doesn't cover: This document does not contain rules for residents' daily conduct, pets, parking, noise, or architectural changes. It is a regulatory agreement between the owner and lender, not a homeowner association rulebook.
Key facts from Residence at Canopy Pointe's documents
- Community type
- Covenant / Planned Community
- Developer / declarant
- BRAD RESIDENCE AT CANOPY POINTE, LLC, a North Carolina limited liability company (Document first page: by and between BRAD)
- Governing law
- CDBG-DR Program: 24 C.F.R. Part 570, as modified by 81 Fed. Reg. 83254 (Nov. 21, 2016), 82 Fed. Reg. 5591 (Jan. 18, 2017), 82 Fed. Reg. 36812 (Aug. 7, 2017), and subsequent Notices; also Housing and Community Development Act of 1974; also N (Rider #1 Program Regulations)
- Leasing & rentals
- All units in the Project will be rented or available for rent on a continuous basis throughout the Period of Affordability to members of the general public; borrower shall not give preference except to qualified tenants without Lender's pri (Rider #1, Section 6)
- Amendments
- Declaration may not be amended or terminated except by written instrument executed by Lender and Owner (or successors), duly recorded. (Section 6)
About this HOA
Residence at Canopy Pointe is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Residence at Canopy Pointe: 1 CC&R. Last updated 2026-06-01.