I am getting a reduced price on the condo, and 5.75 interest rate on the first mortgage, 3% on the second. I believe I will also be paying a lower property tax, for at least a few years. There are many stipulations: I must pay back discounts if I move within a certain period of time, I may sell, but only to someone in my income bracket and approved by the city, there is some kind of partial extra payment due in 45 years (!)…No renting allowed, no subletting, proof of primary residence due yearly…
I would tell you more but I must go to a workshop put on by the city to get all that information, and the workshop hasn’t happened yet. I am, however, allowed to change my mind up to 3 days after the workshop without losing money in escrow. I appreciate this, as I don’t have all the information to make a completely informed decision.
In the past, the city did not correctly oversee a simialr program (same builder, I think) and so they are probably being VERY diligent this round. Previous “affordable” owners were “flipping” which is against the rules. Meanwhile, there seems to be “stuff” happening between city and lender, so the buyers are on hold.
Again, I really like the unit and appreciate the price, but I’ve looked around at other similar complexes and fees seem to be lower (except one in MV) and they have more amenities. I”m a bit worried that should I ever sell, the condo fees could be over $500 in no time.
