Carlsbad, CA–The city of Carlsbad is launching a new affordable housing program that aims to put homeownership within reach for low-income households.
The Affordable Housing Resale Program will preserve affordable housing in Carlsbad and help qualifying low-income house hunters buy a residential property in the city.
A limited number of affordable condominiums at the Mulberry community in Bressi Ranch will be the first available for purchase through the program. Home prices start under $200,000 for an 879-square foot, two-bedroom, one-bath unit. The application period will be open from Nov. 19, 2021 to Jan. 17, 2022.
Applications will be reviewed in the order they are received. Each application will be placed in one of three eligibility lists based on the criteria listed in the program guidelines in the order it is accepted as complete.
• The program is limited to buyers who do not exceed the gross maximum yearly income shown on the chart below.
• Potential buyers must currently live in San Diego County.
• Potential buyers must not have purchased a unit under any other first-time homebuyer or affordable for-sale housing program administered by the city in past seven years.
• Additional eligibility requirements apply.
The income restrictions for purchasing one of these condominiums are based on family size
The application form will be available starting on Nov. 19 on the program webpage. Application forms will also be mailed to interested buyers on request.
Interested buyers must return the completed application and required documentation by email at firstname.lastname@example.org, by mail at City of Carlsbad, Attn: Affordable Housing Program, Housing, and Homeless Services Department, 1200 Carlsbad Village Drive, Carlsbad, CA 92008.
The homes in the program were originally built by a private developer to meet the city’s Inclusionary Housing Ordinance requirements and were sold to qualified lower-income buyers at an affordable restricted price.
When several of the homeowners decided to sell, the city used city and federal funds to purchase several units to preserve and extend the homes’ long-term affordability.
Home pricing is based on incomes ranging from 50 to 80% of the San Diego Area Median Income, and total housing costs will not exceed 30% of the buyer’s gross household income.
Units may be sold by the new owner but may only be sold to an eligible buyer at a price that is affordable to the designated income level set forth within the 30-year term of the agreement. The city retains the option to repurchase the unit again at a restricted price throughout the term of the agreement if the owner later decides to sell the property.