Starway Village II

What Starway Village II's governing documents say

This is a Declaration of Land Use Restrictive Covenants for Starway Village II, a 102-unit affordable rental apartment community in Wilmington, NC. The document binds the property owner (not residents) to federal CDBG-DR program rules ensuring the units remain affordable to low- and moderate-income households for at least 30 years. Residents do not sign or enforce these rules; they are conditions on the owner's loan from the City of Wilmington.

• Affordability & income limits: All units are restricted to households earning at or below 60% of Area Median Income (AMI). The unit mix includes 14 one-bedroom, 46 two-bedroom, and 42 three-bedroom apartments.
• Rent limits: Initial monthly rents (including utilities) are capped at $956 for one-bedroom, $1,144 for two-bedroom, and $1,319 for three-bedroom units. Rents may increase over time but cannot exceed HUD-published maximums for the 60% AMI group.
• Term & duration: The affordability restrictions run with the land for 30 years from December 12, 2023, or until the loan matures, whichever is later. The restrictions may terminate earlier if the property is foreclosed or transferred via deed in lieu of foreclosure.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, maintenance). It is a covenant between the owner and the City; residents should refer to their lease for community 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.