Affordable housing program in Poway

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Submitted by jimmyle on November 17, 2009 - 9:32am

Just in case if someone wants to look into an affordable housing program in Poway. There are about 12 homes available (23 sold). The 12 remaining are all attached homes about 1400 sq ft that are selling about $350K. But you will be able to get $60K no interest loan from the gov't. In addition you get $4K rebate for the solar panels installed and $8K bailout money. So this might be a good deal for someone.

I attended the Poway Affordable Home meeting with my sister and the realtor (in charge of the program) is very suprised that 12 homes are still available. Many people dropped out of the process for many reasons. Some didn't qualify. Some didn't like the homes or location. And many don't like the fact that you might not be able to profit in the future if housing appreciates.

My sister also dropped out. The homes are next to a trailer park so my sister doesn't like it. Another reason is that she is getting marry next year and her fiancee has high income. According to the program, if my sister knows that her income will be high next year and still try to buy a home through this program with her current income it could be FRAUD.

http://homes.pacificscene.com/index.php/...

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Some would argue that house
Submitted by Raybyrnes on November 18, 2009 - 8:29pm.

Some would argue that house sister should buy it now while she qualifies and rent it out (not suppose too) to someone she knows. I believe if you hold the property for 40 year the silent second is forgiven and you can sell at market rate.