Income to qualify for Affordable Housing program

User Forum Topic
Submitted by jimmyle on November 11, 2009 - 3:08pm

My sister is applying for a Moderate Income Housing program and the required income range is $42K to $63K for 1 person. Her base salary is within the range but last year she took home more than $63K because of overtime. This year because of less overtime, she will be in the range again.

Will she be OK?

‹ MERS "chain-of-custody" issues preventing foreclosures. News from the Eye of the Storm no less ›
Do you have more info on this
Submitted by jpinpb on November 11, 2009 - 3:37pm.

Do you have more info on this program? Link? I know someone who may qualify.

The program is in Poway.
Submitted by jimmyle on November 17, 2009 - 9:27am.

The program is 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.

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/...

Some very restrictive
Submitted by jpinpb on November 17, 2009 - 9:34am.

Some very restrictive parameters. But I think your sister could've still participated:

"16. After I purchase the unit, do I still need to maintain my income, assets or household size?
No. After close of escrow, a household may change their household size by having more children, receive salary increases that put their total household income above the maximum limit for their household size, and hold assets that exceed the maximum asset limitation. It is the collective hope of the Poway Redevelopment Agency and Pacific Scene Homes that households continue to build strong families and increase wealth."

I couldn't find anything about resale, but I would think those also have restrictions.

I think the main reason that
Submitted by jimmyle on November 17, 2009 - 10:12am.

I think the main reason that my sister dropped out is the proximity to a trailer park and there were a few old homes in the surrounding area that are not very well maintained. The other reason is that her fiancee doesn't like attached homes.