Advantages and Disavantages of Buying Affordable Housing for Low Income People

[jimmyle]

My sister is applying to buy one of 30 new houses that are set aside for low income folks.

I have several questions:

1. What are the odds of getting selected?
2. What kind of discount should she expects?
3. What are the advantages?
4. Disadvantages?

Thanks,

[weberlin]

I speak from experience. I lived in low income housing as a college student. It sucked. I’ll speak to the disadvantages:

Your low income neighbors:
1. are more likely to steal from you/other neighbors
2. are less likely to maintain their property
3. will probably cram 2 people per bedroom, and 3 in the living room
4. will constantly invite their shady friends over ( this is usually what leads to the theft and property damage )

[weberlin]

I speak from experience. I lived in low income housing as a college student. It sucked. I’ll speak to the disadvantages:

Your low income neighbors:
1. are more likely to steal from you/other neighbors
2. are less likely to maintain their property
3. will probably cram 2 people per bedroom, and 3 in the living room
4. will constantly invite their shady friends over ( this is usually what leads to the theft and property damage )

[weberlin]

I speak from experience. I lived in low income housing as a college student. It sucked. I’ll speak to the disadvantages:

Your low income neighbors:
1. are more likely to steal from you/other neighbors
2. are less likely to maintain their property
3. will probably cram 2 people per bedroom, and 3 in the living room
4. will constantly invite their shady friends over ( this is usually what leads to the theft and property damage )

[weberlin]

I speak from experience. I lived in low income housing as a college student. It sucked. I’ll speak to the disadvantages:

Your low income neighbors:
1. are more likely to steal from you/other neighbors
2. are less likely to maintain their property
3. will probably cram 2 people per bedroom, and 3 in the living room
4. will constantly invite their shady friends over ( this is usually what leads to the theft and property damage )

[weberlin]

I speak from experience. I lived in low income housing as a college student. It sucked. I’ll speak to the disadvantages:

Your low income neighbors:
1. are more likely to steal from you/other neighbors
2. are less likely to maintain their property
3. will probably cram 2 people per bedroom, and 3 in the living room
4. will constantly invite their shady friends over ( this is usually what leads to the theft and property damage )

[briansd1]

Low-income is deed restricted so you can’t resell at market price, so there’s no price appreciation to make it worth the ownership premium.

It’s the same as renting in my opinion.

If you look at Smart Corner, downtown, or La Boheme in North Park, or the income restricted housing in 4S/Del Sur, those income-qualified homeowners are going underwater. They can’t sell so they are pretty much stuck. But since they were credit-qualified better than the market rate buyers, they are not defaulting en masse.

It looks like income-restricted housing in San Diego is going into foreclosure at a much lower rate than the market-rate housing. Would be interesting to do a comparison of the proportions.

[briansd1]

Low-income is deed restricted so you can’t resell at market price, so there’s no price appreciation to make it worth the ownership premium.

It’s the same as renting in my opinion.

If you look at Smart Corner, downtown, or La Boheme in North Park, or the income restricted housing in 4S/Del Sur, those income-qualified homeowners are going underwater. They can’t sell so they are pretty much stuck. But since they were credit-qualified better than the market rate buyers, they are not defaulting en masse.

It looks like income-restricted housing in San Diego is going into foreclosure at a much lower rate than the market-rate housing. Would be interesting to do a comparison of the proportions.

[briansd1]

Low-income is deed restricted so you can’t resell at market price, so there’s no price appreciation to make it worth the ownership premium.

It’s the same as renting in my opinion.

If you look at Smart Corner, downtown, or La Boheme in North Park, or the income restricted housing in 4S/Del Sur, those income-qualified homeowners are going underwater. They can’t sell so they are pretty much stuck. But since they were credit-qualified better than the market rate buyers, they are not defaulting en masse.

It looks like income-restricted housing in San Diego is going into foreclosure at a much lower rate than the market-rate housing. Would be interesting to do a comparison of the proportions.

[briansd1]

Low-income is deed restricted so you can’t resell at market price, so there’s no price appreciation to make it worth the ownership premium.

It’s the same as renting in my opinion.

If you look at Smart Corner, downtown, or La Boheme in North Park, or the income restricted housing in 4S/Del Sur, those income-qualified homeowners are going underwater. They can’t sell so they are pretty much stuck. But since they were credit-qualified better than the market rate buyers, they are not defaulting en masse.

It looks like income-restricted housing in San Diego is going into foreclosure at a much lower rate than the market-rate housing. Would be interesting to do a comparison of the proportions.

[briansd1]

Low-income is deed restricted so you can’t resell at market price, so there’s no price appreciation to make it worth the ownership premium.

It’s the same as renting in my opinion.

If you look at Smart Corner, downtown, or La Boheme in North Park, or the income restricted housing in 4S/Del Sur, those income-qualified homeowners are going underwater. They can’t sell so they are pretty much stuck. But since they were credit-qualified better than the market rate buyers, they are not defaulting en masse.

It looks like income-restricted housing in San Diego is going into foreclosure at a much lower rate than the market-rate housing. Would be interesting to do a comparison of the proportions.

[Raybyrnes]

These 2 comments are Bullshit. In San Diego the low and moderate income programs can be great depending on where you look. You can get a 400K place in Carmel valley at a fixed monthly payment of 1000 dollars or less. Take Airoso in Carmel Valley for instance. They have a low income component. Neighbors paid 600 plus for their place.

Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.

[Raybyrnes]

These 2 comments are Bullshit. In San Diego the low and moderate income programs can be great depending on where you look. You can get a 400K place in Carmel valley at a fixed monthly payment of 1000 dollars or less. Take Airoso in Carmel Valley for instance. They have a low income component. Neighbors paid 600 plus for their place.

Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.

[Raybyrnes]

These 2 comments are Bullshit. In San Diego the low and moderate income programs can be great depending on where you look. You can get a 400K place in Carmel valley at a fixed monthly payment of 1000 dollars or less. Take Airoso in Carmel Valley for instance. They have a low income component. Neighbors paid 600 plus for their place.

Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.

[Raybyrnes]

These 2 comments are Bullshit. In San Diego the low and moderate income programs can be great depending on where you look. You can get a 400K place in Carmel valley at a fixed monthly payment of 1000 dollars or less. Take Airoso in Carmel Valley for instance. They have a low income component. Neighbors paid 600 plus for their place.

Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.

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