Wellington Place

What Wellington Place's governing documents say

Wellington Place is a 34-unit rental housing development in Wilmington, NC, governed by a Low-Income Housing Tax Credit (LIHTC) land use restrictive covenant. This document binds the property owner (not residents) to income and rent restrictions for at least 30 years, ensuring all units are affordable to households earning 60% or less of area median income.

• Affordability: 100% of units are rent-restricted and must be leased to households with income at or below 60% of area median gross income (adjusted for family size). Rents are capped at the maximum allowed under Section 42 of the Internal Revenue Code.
• Rent & income restrictions duration: The restrictions last for an 'extended use period' of 15 years after the initial 15-year compliance period, totaling at least 30 years. The owner cannot terminate early except by foreclosure or a qualified contract process.
• Renter protections: The owner cannot refuse to lease to holders of Section 8 vouchers. During the three years following any termination of the extended use period, existing tenants cannot be evicted except for good cause, and rents cannot exceed the maximum allowed under Section 42.
• Property use restrictions: The owner must maintain all units as residential rental housing and cannot demolish or convert them to non-residential use during the agreement term. Units must remain suitable for occupancy.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet policies, parking, noise, or architectural guidelines). It is a covenant between the owner and the state housing credit agency, not a homeowner association rulebook.

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.