Woodridge Pointe

What Woodridge Pointe's governing documents say

Woodridge Pointe 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 ensure affordability for low-income tenants for a period of at least 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 increase rent above the maximum allowed. The owner must accept Section 8 voucher holders.
• Term of restrictions: The income and rent restrictions run for an 'Extended Use Period' that begins when the first building is placed in service and ends 15 years after the 15-year Compliance Period, totaling at least 30 years. If the property is foreclosed, the restrictions may terminate earlier, but tenant protections continue for three more years.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, or architectural changes). It only imposes obligations on the property owner to maintain affordability. 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.