Roberts Jervay Place

What Roberts Jervay Place's governing documents say

Roberts Jervay Place is a 100-unit rental housing development in Wilmington, NC, that receives Low-Income Housing Tax Credits (LIHTC). This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not the residents) to income and rent restrictions for a minimum of 30 years. Residents do not have individual ownership; they are tenants whose rents are capped based on area median income.

• Affordability & income limits: At least 40% of units must be occupied by households earning 50% or less of area median gross income, and all qualified units must be occupied by households earning 60% or less. Additionally, 50% of qualified units must be affordable to households earning less than 50% of median income.
• Rent restrictions: Rents are restricted to levels affordable to the income-qualified households. The owner cannot increase gross rent above the maximum allowed under Section 42 of the Internal Revenue Code for low-income units.
• Lease term & occupancy: Units are for non-transient rental housing. Leases must be to members of the general public who qualify as low-income tenants. The owner cannot refuse to lease to a holder of a Section 8 voucher because of that status.
• Duration of restrictions: The income and rent restrictions last for the 'Extended Use Period,' which is 15 years after the end of the initial 15-year Compliance Period, totaling at least 30 years. The restrictions may terminate earlier only by foreclosure or if the owner requests a qualified contract and none is found within one year.
• Renter protections: Even if the Extended Use Period ends early, for three years afterward the owner cannot evict existing low-income tenants except for good cause, and cannot increase rent above the Section 42 maximum.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet policies, parking, noise, or use of common areas). It only restricts the owner's operation of the property. Residents should look to their lease for day-to-day rules.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.