The Pointe at Taylor Estates

What The Pointe at Taylor Estates's governing documents say

The Pointe at Taylor Estates 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 property owner (landlord), not residents, to federal income and rent restrictions for at least 30 years. Residents do not need to follow these rules; the landlord must ensure units are affordable and occupied by qualified low-income tenants.

• Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median income. Additionally, at least 12% of qualified units must be affordable to households at or below 30% of county median income.
• Rent restrictions: Rents on low-income units are capped per Section 42 of the Internal Revenue Code. The landlord cannot increase gross rent above the maximum allowed for those units during the Extended Use Period (15 years after the 15-year compliance period, totaling at least 30 years).
• Renter protections: The landlord cannot refuse to lease to a holder of a Section 8 voucher. During the three years after the Extended Use Period ends, the landlord cannot evict existing low-income tenants except for good cause and cannot raise rents above the Section 42 maximum.
• Leasing & rentals: All units must be leased to members of the general public who qualify as low-income tenants. Units cannot be used for any purpose other than rental housing during the agreement term.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet limits, parking, noise, or architectural changes). It only restricts the landlord's operations to maintain tax credit compliance.

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.