AFFORDABLE HOUSING-HOMEBUYER ASSISTANCE LOAN PROGRAM IN HERCULES, CA
Hercules, CA has an affordable housing program for the new home construction project, Sycamore North! According to the City of Hercules website,
The 49 units in the rental residential component will all be rented to very low-income households (earning less than 60% of the area median income) for a period of at least 10 years, at which time they will be sold to low- and moderate-income households (earning less than 120% of the area median income).The units in the for-sale residential component will be sold upon completion of construction. Of the 47 units in the for-sale residential component, 26 will be sold to low- and moderate-income households (the “affordable for-sale units”). The total number of affordable units will thus be 75 (49 rental and 26 for-sale), with the remainder of the for-sale units (21) being sold at market rate. The affordable for-sale units will carry some form of re-sale control (whether in the form of limitations on re-sale, a second mortgage in favor of the Agency, a right of first refusal to purchase in favor of the Agency, or a combination of these elements).
Drawing courtesy of the City of Hercules
I had the opportunity to correspond via e-mail with Michelle Harrington, the Community Relations Officer for the City of Hercules, regarding the Sycamore North project as well as Affordable housing.
According to Michelle, the development (Sycamore North), including the townhomes, will be completed in September/October 2011. Sycamore North is the first phase of a larger project called Sycamore Downtown. We (Hercules, CA) have lots of information on our website about this larger project and many of the projects planned for Hercules. Our Community has a vision for Hercules and we continue to pursue that vision with various projects, including Sycamore Downtown. Given the current economy, this project is extra unique. It is only because of the Redevelopment Agency that Hercules is able to move forward with this project.
We (the city of Hercules, CA) are working with Main Street Property Services for the retail side…all the residential units are affordable housing units and the City’s Affordable Housing will handle the income eligibility requirements as well as the underwriting for the second mortgages under the first time homebuyer and State BEGIN monies.
Michelle also provided the webpage for information on the begin grants:
http://www.ci.hercules.ca.us/index.aspx?recordid=121&page=23
In a down economy, it is great to hear that Hercules will be offering such a great program! If you need any additional information regarding Sycamore North or the Affordable housing program, feel free to contact me! If you are also looking to purchase or sell a home in Hercules, I would be happy to discuss your options.
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