I looked at these program when I was a grad student and thought it wass very opportunistic because my income had dipped significantly to the point that I could qualify during that period of time that I was in school but would rise dramitically once I was out of school.
I believe the program is tied to your income only at the time of qualification. If you become a millionaire the day after you move in because you hit lotto, it has no bearing on you eligibility.
The downside to this program is you need to live in the home for 40 years before you can outright own it.
Secondly, it stipulates that you can not own the property as a rental.
Third you are not eligible to sell the property at a market rate if selling before the end of that 40 year period.
Lastly you need to find a qualified applicant who does not have too little in assets adn income or too much.
Mulberry in the Bressi ranch area was a similiar income conmtingent project with subordinate financing from the city of Carlsbad.
Not a bad deal for a family that is getting started.
