The City's Inclusionary Housing Ordinance requires that a certain percentage of units in new residential developments be made affordable to low and moderate-income households. The Ordinance applies to both ownership and rental developments of 20 or more units.
An applicant maximum qualifiying income level for all affordable ownership units is 120% of the Area Median Income (AMI), adjusted by household size as shown below.
|
Household Size |
| Income Level |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| Moderate (120% of AMI*) |
$75,000 |
$85,700 |
$96,450 |
$107,150 |
$115,700 |
$124,300 |
$132,850 |
$141,450 |
| Low (60% of AMI) |
$37,500 |
$42,870 |
$48,210 |
$53,580 |
$57,870 |
$62,160 |
$66,450 |
$70,740 |
| Very Low (50% of AMI) |
$31,250 |
$35,700 |
$40,200 |
$44,650 |
$48,200 |
$51,800 |
$55,350 |
$58,950 |
Source: California Housing and Community Development Department - Alameda County Income Limits for 2009.
- Below Market Rate Housing Requirements
All units made affordable by this ordinance will remain affordable for at least 45 years. Upon resale, affordable ownership units must be sold to moderate income households at an affordable price, determined annually by the City. Affordable ownership units must also remain owner-occupied, and may not be rented.
For more information on restrictions with which program participants must comply, read the Disclosure Statement that buyers must sign before buying a unit.
- First Time Home Buyers Program
While buyers of below market rate units do not need to be first-time homebuyers, some developers may require applicants to be first-time homebuyers. In this case, applicants may combine the Inclusionary Housing Program with the City’s First-Time Homebuyer Assistance Program.
The First-time Homebuyer Assistance Program provides below-market interest rate loans of up to $40,000 for down payment, and non-recurring closing costs to qualified first-time homebuyers.
- Developers Accepting Below Market Rate Applications
The Ordinance requires housing developers to advertise availability of the new below markert rate units in major local newspapers and other media. They are also responsible for providing, accepting and pre-screening applications for the units. For this reason, you must call the developer’s sales office directly to request an application or to obtain more information on the units available.
Development accepting applications as of March 2009:
1. Standard Pacific Homes - www.standardpacifichomes.com
Development: Crossings at Eden Shores
Available Units:
2 Bedroom Townhomes: $276,900
3 Bedroom Townhomes: $309,214
Sales Contacts: Jose Villafuerte - (510) 723-0662
Preferred Lenders:
Standard Pacific Mortgage (925) 730 - 1510
Neighborhood Housing Services Silicon Valley (408) 279 - 2600
* CalHFA approved lenders
For more information, please call Affordable Housing at 510-583-4245
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