Spring Branch Apartments

What Spring Branch Apartments's governing documents say

Spring Branch Apartments is a Low-Income Housing Tax Credit (LIHTC) rental community in Wilmington, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the owner/landlord, not residents. It sets income and rent restrictions to keep units affordable for low-income tenants for a minimum of 30 years.

• Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median gross income. Rents on those units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code.
• Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant except for good cause, and cannot raise rent above the Section 42 maximum. The owner must accept Section 8 vouchers and cannot refuse to lease to voucher holders.
• Term of restrictions: The income and rent restrictions run for the 'Extended Use Period' — 15 years after the 15-year Compliance Period, totaling at least 30 years. After that, a 3-year period still protects existing tenants from rent increases above the maximum and from eviction without good cause.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, or use of common areas). It is a covenant between the owner and the state housing agency; residents' lease terms and community rules are set separately.

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.