City of Davis

Southfield Park Condominium Program

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Pre-Application

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

CHOC is the City of Davis' administrative subcontractor for its Southfield Park Condominium Program. Southfield Park Condominium Program is an equal opportunity affordable ownership opportunity located at the intersection of Greene Terrace and Cowell Boulevard, near Playfields Park in South Davis. Southfield Park Condominium Program is a 60-unit condominium project that was built in the early nineties. There are 25 two-bedroom two-bathroom flats (950 sq.ft.) and 35 three-bedroom three-bathroom townhouse units (1300 sq.ft.) in the complex. All of the units are currently owned and occupied by individual owners. However, the City of Davis possesses the right to match buyers to units when the owner is ready to sell, a right that CHOC is exercising on the City’s behalf. To qualify for ownership in a Southfield Park Condominium Program Condominium the household income cannot exceed 120% of the area median income. Based on the 2007 federal income data, current maximum yearly gross income (YGI) per household size is as follows:

• 1 person household YGI is $59,600
• 2 person household YGI is $68,200
• 3 person household YGI is $76,700
• 4 person household YGI is $85,200
• 5 person household YGI is $92,000
• 6 person household YGI is $98,800
• 7 person household YGI is $105,600

To keep the condominiums affordable, the City has attached the following deed restrictions to each condominium:

1. The sales price of the condominium is restricted to a 5.5% appreciation per year, from its original date of sale;
2. The household must remain the owner occupant of the condominium at all times and must live in the condominium a minimum of twenty-four months before selling it, and;
3. 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 unit 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.

CHOC, as the City of Davis’ administrative subcontractor, has 60 days to provide a mortgage-ready and income-qualified buyer to a Greene Terrace seller. In order to make this process run efficiently, it is your responsibility to get pre-qualified for a loan immediately. Please, attach a copy of your pre-qualifying document to your pre-application.

The City of Davis currently has the opportunity to assist potential home buyers, whose annual income is at or below 80% of AMI, through a down payment assistance program. It is therefore important that you be as exact as you can when reporting your financial information on the pre-application.

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 Angelika Mahle (amahle@chochousing.org), CHOC’s Program Manager, (530) 757-4444, Ext. 239.