Buying and Selling Income Restricted Units
HOW DO I KNOW IF THE HOUSE I WANT TO PURCHASE HAS AFFORDABLE HOUSING RESTRICTIONS?
PROCEDURE TO FOLLOW WHEN BUYING OR SELLING
WHAT TO DO IF YOU ARE THE SELLER
- State your intent to sell.
- Provide the address of the house for sale.
- The date escrow closed when current owner purchased the property.
- The purchase price of the property at the close of escrow, when the current owner purchased the property.
- The number of bedrooms.
- Provide legal names and signatures.
- Attach a copy of the escrow settlement statement, or tax report, as supporting documentation of the home purchase price.
The letter should be sent via mail, hand carried or by email to:
Housing Authority of the
City of San Buenaventura
995 Riverside Street
Ventura, CA 93001
WHAT TO DO IF YOU HAVE A POTENTIAL BUYER
Sellers or Agents acting for the sellers need to do the following:
- Screen potential buyers by using the income chart.
- Make sure the buyer’s income does not exceed the maximum allowable household income limit.
- Make sure that the buyer is aware of the Affordable Housing Restrictions applicable to their tract.
- Your income must not exceed the Maximum Allowable Household Income Limits
- Within 5 days of opening escrow the HACSB should be contacted by either the buyer or listing agent and submit the following:
- Completed and signed original Affordable Housing Program Application along with requested documentation.
- Copy of the signed Purchase Agreement accepted by both seller and buyer.
- Provide contact information for Escrow Officer.
- Within 10 days of opening escrow the buyer needs to submit all required income documentation to the City.
WHAT INCOME VERIFICATION IS REQUIRED FROM THE BUYER?
WHAT OTHER CRITERIA IS REQUIRED FROM THE BUYER?
MEETING THE COMPLIANCE CERTIFICATE REQUIREMENTS
- Seller has furnished the HACSB with a Letter of Intent to Sell and all required information. (Numbers 1-8 under the “What to do if you are the Seller” section)
- Buyer has provided the HACSB with the Affordable Housing Program Application and requested documentation
- Buyer has provided proof of income and asset documentation which is received within 10 days of escrow opening.
- HACSB has verified that Buyer meets the income eligibility requirements.
- HACSB has received a copy of the Purchase Agreement, and any amendments, Escrow Instructions (if applicable), Buyer’s Vesting Interest in Property, Lender’s 1008 and 1003 form, and Legal Description of property.
- The purchase price of the home does not exceed Maximum Allowable Housing Price.
IMPORTANT DATES TO KEEP IN MIND
- Prior to opening escrow, the seller must submit a complete Notice of Intent to Sell packet (Numbers 1-7 under the “What to do if you are the Seller” section above) to the HACSB.
- Within 5 days of opening escrow the HACSB should be contacted by either the buyer or the listing agent by submitting the completed signed signed original Affordable Housing Program Application along with the requested documentation.
- The HACSB has 35 days from notification that escrow has opened to issue a Certificate of Compliance, provided that all requirements have been met.
MAXIMUM ALLOWABLE SALES PRICE FOR VERY-LOW, LOW AND MODERATE INCOME HOMES
The Maximum Allowable Sales Prices are based on an equation as defined in the Declaration of Covenants, Conditions and Restrictions and the Resale Restrictions Agreements for various affordable housing tracts. Click Here to view the current Maximum Allowable Sales Prices for the various affordable housing tracts. Maximum prices are revised annually.
(805) 648-5008 Ext. 2247