San Diego Community Land Trust - Affordable Homeownership

San Diego Community Land Trust - Affordable Homeownership is a shared-appreciation loan for homebuyers in San Diego, California. CLT model for permanently affordable homeownership in San Diego. Ground lease program with below-market pricing. Income-qualified buyers earn up to 80% AMI. Shared equity on resale preserves affordability. shared equity with provider at resale. Funding comes from Non-profit / City / Grants.

San Diego Community Land Trust - Affordable Homeownership is a shared-appreciation loan and is repaid under the terms set by the administering agency. Repayment is triggered by Resale subject to CLT resale formula and CLT has right of first refusal. The assistance is recorded in 2nd lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

San Diego Community Land Trust - Affordable Homeownership is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Contact lender for current credit score requirements. A homebuyer education course is required. Residency requirement: San Diego area. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Resale-restricted affordable homeownership; buyer purchases home but leases land from CLT (99-year ground lease); resale price restricted to preserve affordability; appreciation shared with CLT; income-qualified.

San Diego Community Land Trust - Affordable Homeownership limits household income to 120% of the area median income, which varies by county and household size. Low income: household income ≤80% of Area Median Income (AMI). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

San Diego Community Land Trust - Affordable Homeownership caps the purchase price as follows: Conforms to FHA/conventional loan limits for this county; contact program for current limits. Eligible property types include CLT resale-restricted single-family or condominium. New construction is eligible. Manufactured homes are not eligible.

San Diego Community Land Trust - Affordable Homeownership serves homebuyers purchasing in San Diego, California.

Applications for San Diego Community Land Trust - Affordable Homeownership go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.