"low income affordable housing program with the city of Long Beach" ??

Asked by Jimmy Liu, Pomona, CA Tue Mar 29, 2011

I am interested in purchasing a property that reads "low income affordable housing program with the city of Long Beach" in the description. What make this type of purchase different from a regular purchase from a seller?

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8
Ian Hand, Agent, Long Beach, CA
Tue Mar 29, 2011
BEST ANSWER
Jimmy,
There are several forms of assistance that may apply in Long Beach, One is the federally backed 'Neighborhood Stabilization' (NSP2) program current a few months ago, but now effectively closed as funds have been exhausted. This among other benefits offerred generous downpayment assistance to qualified (low income) buyers on certain properties in certain areas. Such assistance may include an interest free second mortgage, repayment of which which is forgiven if the property is owned for a prescribed period. Check the city website. In the NSP program, the city of Long Beach may or may not be the seller, but will require additional documentation to validate the claim for assistance. You will need to use lenders and agents certified by the city.

Some mortgage products also offer downpayment assistance for qualified first time buyers. All such schemes come and go depending on availability of funds.
1 vote
Gene Scott, Agent, Long Beach, CA
Wed Mar 30, 2011
Jimmy,
Often times on properties of this type the City limits the sale price because it wants to maintain the status of the property as low income affordable. In times of double digit appreciation low income families were able to "earn" hundreds of thousands of dollars by buying a low income property and selling it a few years later at market price. That is the scenario that the City wants to avoid. So, the City program is a double edged sword, whereby you receive assistance going in but are capped on the appreciation you can realize when you sell.

As an alternative, there is a California State program available for low and middle income families that can be used to purchase any property for as little as 1.0% down, not just low income City properties. Let me know if you would like more information.

Good luck,
Gene Scott
Realtor
ERA Buy America Real Estate Services
562-212-2345
1 vote
Jack Tanner, Agent, Long Beach, CA
Thu Apr 28, 2011
Mr. Liu,

The million dollar question back to you is how huch income is there going to be in the household?
Use this site to see where you fit in.

http://www.hcd.ca.gov/hpd/hrc/rep/state/inc2k10.pdf

And by the way...BeachCitiesInfo.com is "Your Authority in Real Estate"
0 votes
Melissa Seid…, Agent, Long Beach, CA
Tue Mar 29, 2011
It depends on the property and the program it is controlled by, if any. I've worked with HUD, CalHFA, and Homepath. There is many options currently available to make help make housing affordable for lower income and first time buyers. Good luck!!
0 votes
Lourdrie McN…, Agent, Long Beach, CA
Tue Mar 29, 2011
Jimmy,

Hi, would you mind giving me the address of the property. I can then see what is stated on the listing. Long Beach has a few different types of housing programs. Not sure which one you are asking about. Once I know the address I can better serve you.

Thank you.

Lou McNamee
Coldwell Banker
562-879-9677
Web Reference:  http://loubandb.com
0 votes
Evelyn Redman, , Long Beach, CA
Tue Mar 29, 2011
Hi Jimmy,

I can help you! I have several avenues of funding available for buyers to consider use in Long Beach and other areas as well. Contact me at 562-212-8736 and I'll be more than happy to get you more information.

Thank you,

Evelyn Redman
0 votes
Jimmy Liu, Home Buyer, Pomona, CA
Tue Mar 29, 2011
The listing agent told me that the city controls what price I can purchase this property at and they will also limit how much I can sell it for. Can anyone tell me if this is true? Thank you.
0 votes
Sameer Punja…, Agent, Vallejo, CA
Tue Mar 29, 2011
Here's a link that can you help you

http://www.calhfa.ca.gov/homebuyer/

Let me know if you need an agent to find a home for you as I can refer you someone.
0 votes
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