The city of Carlsbad will start taking applications for its Affordable Housing Resale Program on Nov. 19. The program provides affordable housing for low-income buyers looking for a home in Carlsbad.
Two condominiums at the Mulberry community in Carlsbad’s Bressi Ranch will be the first offered for purchase through the program at this time with more planned in the future. Home prices start under $200,000 for an 879-square-foot, two-bedroom, one-bath unit.
Eligibility requirements include gross annual income limits, 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 lives in San Diego County and has not purchased a unit under any other first-time homebuyer or affordable for-sale housing program administered by the city in the past seven years.
The homes in the program were originally built by a private developer, Lennar, in 2005 to meet the city of Carlsbad’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 federal and city funds to purchase several units to maintain and extend the homes’ long-term affordability.
The rules outlined by the city include that the new owner can sell the unit, but it can be sold to only an eligible buyer at a price that is affordable to the designated income level specified in the 30-year term of the agreement. The city has 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, according to the program guidelines on its website, carlsbadca.gov/departments/community-development/housing.
The application period ends Jan. 17. Applications will be reviewed in the order they are received. Each application will be put in one of three eligibility lists, based on program guidelines, in the order it is accepted as complete.
The application form can be downloaded starting Nov. 19 at carlsbadca.gov/departments/community-development/housing. Interested buyers can also request the form for pickup at 1200 Carlsbad Village Drive.
Completed application and required documentation 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.
