$ 200,000 of condos for sale as part of an affordable housing program in Carlsbad
The City of Carlsbad will begin receiving applications for its affordable housing resale program on November 19. The program provides affordable housing to low-income home buyers looking for a home in Carlsbad.
Two condominiums in the Mulberry community of Carlsbad’s Bressi Ranch will be the first offered for purchase under the program at this time and more are planned in the future. Home prices start at under $ 200,000 for an 879 square foot, two bedroom, one bathroom unit.
Eligibility requirements include limits on gross annual income, depending on family size, ranging, for example, from $ 42,450 for a household of one to $ 65,450 for a family of five. Other requirements include that the buyer now resides in San Diego County and has not purchased a unit under another city-administered homeownership or affordable housing for sale program. over the past seven years.
The homes in the program were originally built by a private developer, Lennar, in 2005 to meet the requirements of the City of Carlsbad Inclusive Housing Ordinance and have been sold to qualified low-income buyers at a âAffordable restricted priceâ.
When several homeowners decided to sell, the city used federal and municipal funds to purchase multiple units in order to maintain and expand the homes’ long-term affordability.
The rules set out by the city provide that the new owner can sell the unit, but that it can only be sold to an eligible buyer at an affordable price for the designated income level specified in the 30-year term of the l ‘OK. The city has the option of repurchasing the unit at a restricted price for the duration of the agreement if the owner later decides to sell the property, as per the program guidelines on their website, carlsbadca.gov/departments/community-development/housing.
The application period ends on January 17th. Applications will be considered in order of receipt. Each application will be placed on one of three eligibility lists, based on the program guidelines, in the order in which it is accepted as complete.
The application form can be downloaded from 19 November on carlsbadca.gov/departments/community-development/housing. Interested buyers can also request the pickup form at 1200 Carlsbad Village Drive.
The completed application and required documents can be emailed to [email protected] or mailed or dropped off in person at City of Carlsbad, Attn: Affordable Housing Program, Housing & Homeless Services Department, 1200 Carlsbad Village Drive , Carlsbad, CA 92008.