City of Davis

Parque Santiago

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Community Housing Opportunities Corporation (“CHOC”) is happy to provide homeownership opportunities to low-, median- and moderate- income families. The Parque Santiago Program is an opportunity for those income-restricted families to feel the peace of mind that homeownership brings. The attached Parque Santiago Program pre-application may be the beginning step to owning your own home at affordable rates.

CHOC, in conjunction with Coldwell Banker, is the administrative subcontractor for the Parque Santiago Program. Parque Santiago Program is an equal opportunity affordable ownership opportunity located just off of Santiago Terrace in South Davis. Parque Santiago is a community for people who own their own business (a City of Davis Business license). There are 5 affordable single family homes which have three-bedrooms and two-bathrooms and an extra room for an office. The first unit is under construction; construction on the other 4 will begin soon. To qualify for ownership in Parque Santiago, the household cannot consist of more than 6 persons at initial move-in and total household income cannot exceed 120% of the area median income. Based on the 2007 federal income data, current maximum yearly gross income (YGI)(120% AMI) per household size is as follows:

• 1-person household YGI is $55,200 4-person household YGI is $78,840
• 2-person household YGI is $63,120 5-person household YGI is $85,200
• 3 person household YGI is $70,920 6-person household YGI is $91,440

To keep the house affordable, the City has attached the following deed restrictions to each property:

• The household must remain the owner occupant of the home at all times and must live in the home a minimum of twenty-four months before selling it;
• The sales price of the property is restricted to a 3.75% appreciation per year, from its original date of sale, and;
• The City has the right of first refusal on all sales. This means that the City has the opportunity to provide income qualified buyers to an owner in the event of a sale.

When a house is available and you have decided to purchase it, you will be required to sign a Disclosure to verify your acknowledgement of the above at the escrow closing.

The prices of the houses are calculated as follows.

• Household income of up to 80% AMI, the sales price is $193.345.
• Household income of 81% to 100% AMI, the sales price is $245,494.
• Household income of 101% to 120% AMI, the sales price is $297,779.

In order to make this process run efficiently, you must attend a Homebuyer Education course; you will be notified of date and time.

The process of buying a home is not very easy, but is a worthwhile process. CHOC will be able to assist you or provide you with resource information for any of the programs listed above.

Please, contact Elisabeth Drye or Alberto Marin, CHOC’s Homeownership Representatives,