Apply for Housing
Learn more
Reports and FInancials
Learn more
Resident Portal
Learn more
Forms and Documents
Learn more

Buying and Selling Income Restricted Units


The following data was compiled to assist in the sale or purchase of an affordable home. The goal of this information is to clarify the process and ensure the requirements are followed in an appropriate and timely manner.

HOW DO I KNOW IF THE HOUSE I WANT TO PURCHASE HAS AFFORDABLE HOUSING RESTRICTIONS? 

There are several Affordable Housing Developments located in the City of Ventura with resale controls. Details of these developments affordability restriction documents, and other information can be viewed by Clicking Here.

PROCEDURE TO FOLLOW WHEN BUYING OR SELLING

WHAT TO DO IF YOU ARE THE SELLER 

When the decision is made to place your home on the market, you must file a letter called a Notice of Intent to Sell with the Affordable Housing Program (City Program). Use the form. The Notice of Intent contains the following information:

  1. State your intent to sell.
  2. Provide the address of the house for sale.
  3. The date escrow closed when current owner purchased the property.
  4. The purchase price of the property at the close of escrow, when the current owner purchased the property.
  5. The number of bedrooms.
  6. Provide legal names and signatures.
  7. Attach a copy of the escrow settlement statement, or tax report, as supporting documentation of the home purchase price.
PLEASE BE AWARE THAT ESCROW MUST NOT OPEN UNTIL ALL INFORMATON IS RECEIVED AND FOUND ACCEPTABLE BY THE CITY.

The letter should be sent via mail, hand carried or by email to:

Housing Authority of the
City of San Buenaventura
City Program
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.
WHAT TO DO IF YOU ARE A BUYER 

The Housing Authority of the City of San Buenaventura maintains a list of interested buyers who want to receive updated information on homes coming available for sale.  These interested buyers received an automatic reply email when a property is added to the list of homes available for sale.  

Interested buyers may meet the income requirements necessary to purchase an affordable restricted home, however, be aware this is not a guarantee that buyer will qualify for a first trust deed mortgage.  Buyer will need to get prequalified with lender to see if they would qualify as well. 

If you are interested in having your name placed on the buyer interest list, read the requirements below and complete the Homebuyers Interest Form.  Return the completed form to:  Housing Authority of the City of San Buenaventura, 995 Riverside Street, Ventura, CA 93001 or by email to njasso@hacityventura.org

There are certain requirements you need to meet if you are interested in purchasing an income-restricted unit.

  • 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:
    1. Completed and signed  original Affordable Housing Program Application along with requested documentation.
    2. Copy of the signed Purchase Agreement accepted by both seller and buyer.
    3. Provide contact information for Escrow Officer.
  • Within 10 days of opening escrow the buyer needs to submit all required income documentation to the City.
APPLICATON WILL NOT BE REVIEWED UNTIL ITEMS 1 THRU 3 HAVE BEEN RECIEVED.


WHAT INCOME VERIFICATION IS REQUIRED FROM THE BUYER? 

WHAT OTHER CRITERIA IS REQUIRED FROM THE BUYER?


MEETING THE COMPLIANCE CERTIFICATE REQUIREMENTS

In order for the sale of a city affordable property to be completed, the HACSB must approve and issue a Certificate of Compliance. The HACSB has 35 days from notification that escrow has opened to issue a Certificate of Compliance, provided that all requirements have been met. The following are the items that need to be reviewed and approved by the HACSB before the issuance of a Compliance Certificate to the escrow company:

  1. 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)
  2. Buyer has provided the HACSB with the Affordable Housing Program Application and requested documentation
  3. Buyer has provided proof of income and asset documentation which is received within 10 days of escrow opening.
  4. HACSB has verified that Buyer meets the income eligibility requirements.
  5. 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.
  6. The purchase price of the home does not exceed Maximum Allowable Housing Price.
When the above requirements have been met HACSB issues the Certificate of Compliance and will submit to escrow. In addition, HACSB will submit to escrow a Request for Notice of Delinquencies required by the City to be signed by the buyer(s).

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 HOUSEHOLD INCOME LIMITS 

The Maximum Allowable Household Income Limits are based on combined adult income for the total number of people residing in the household.  The current income limits are effective as of April 26, 2021.  Income limits are revised annually.  

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.

Contact

Nellie Jasso
Affordable Housing
Program Coordinator
(805) 648-5008 Ext. 2247
njasso@hacityventura.org