I looked into the affordable housing programs in Carlsbad, Carmel Valley, and downtown and the bottom line is that if you qualify it is a great deal. The only downside as I saw it was exiting the unit. You will have to find a qualified applicant to purchase the unit. This can be a challenge. Additioinlly you will lose your first time buyer status which can be useful if you are using Cal FHA loasn to get into rate housing. All in all when you net out the fact that you are building equity, improving credit, getting a tax deduction and living in a brand new development you can’t go wrong. The price of these things leave you very little downside and a very good margin of safety.