The City of Thousand Oaks partners with developers to provide for-sale affordable homes and has a number of different affordable housing programs with varying restrictions. Owners of such affordable units from time to time request an authorization for refinance or sale/transfer of an affordable unit. Below sections describe different resale criteria.
Existing Units with City Restrictions
Affordable units developed prior to 2000 and existing First Time Home Buyer Loans. The City Monitors the resale controlled and owner occupancy conditions on restricted units. Resale controlled units is based upon buyers qualifying under Affordable Income Levels determine by the State of California. Each unit has its own individual recorded restrictions.
For Sale Affordable Housing Program
Affordable units developed after 2000. Units have resale criteria that are below market sale price to low-income households. From time to time, the City of Thousand Oaks itself may own an affordable unit, and make it available on a resale basis to a new owner. For any for-sale affordable housing there are significant restrictions that limit the sales price on a future resale, and hence also limit potential equity growth for a homeowner of an affordable unit. Each project has its own set of requirements.
The City of Thousand Oaks, through its Affordable Housing Program, places owner occupancy restrictions on units that received City's assistance. By completing an exemption application, an owner who is subject to the Owner Occupancy requirement may request a temporary exemption due to hardship.
Mortgage Credit Certificates (MCC)
The Mortgage Credit Certificate Program (MCC) is a Federal income Tax Credit program. It increases the loan amount a person can qualify for by providing a credit that can be used to reduce their tax liability, thus increasing net earnings. It is a great help in qualifying for your first home mortgage. For further information about the MCC program, and other CalHFA loan program call (877) 922-5432 or www.calhfa.ca.gov.
For more housing information call (805) 449-2393 or email CommunityDevelopment@toaks.org.