A family is being sought for a Mission Viejo condo being renovated by Habitat for Humanity. The residence is a 943 square-foot 2-bedroom home at 22908 Via Nuez, Unit 44. Upon completion the second story condo will be sold to the selected family.
The location is in the Aliso Villas Association next to Glen Yermo Elementary School, near Trabuco and Los Alisos. [Map] The project is part of the Neighborhood Stabilization Program (NSP2) which is designed to stabilize neighborhoods damaged by foreclosed and abandoned properties. Funds come from grants under the 2009 Federal Stimulus program.
“While we will continue to build new homes with homeowner sweat equity and volunteers as part of our normal operational model, we are adapting to the current real estate climate and are maximizing the available inventory of affordable homes,” said Sharon Ellis, executive director for Habitat of OC.
Another condo is being rehabilitated in Lake Forest. A contingent of employees from First American Financial Corporation will be among the first volunteers working on the site. Each volunteer group typically works one day.
A qualified family for the MV home, which will be ready within 45 days, will have an income not exceeding 50% of the OC median for that size family. A family of four would have an income less than $46,450 under guidelines from the U.S. Dept. of Housing and Urban Development (HUD). The home’s sale price will be based on monthly payments equaling 30% of the family’s gross monthly income. That payment amount would cover principle, interest, taxes and HOA fees. The successful applicant will need to secure a conventional loan.
Interested families can contact Cristina at the Santa Ana office, 714-434-6200 x 227. Habitat for Humanity has built or improved more than 400,000 houses worldwide since 1976.
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Awesome to see government grant money at work to help the disadvantaged. Habitat for Humanity rocks!
Hopefully they will check the immigration status of the selected family for this worthwhile project. It is very sad that stimulus monies were not used to help the family(s) that lost their homes in the recent economic climate.
Nice of the Dispatch to report on this. While I think that subsidizing a house is unfair to those who are not means-deficient, I hope whoever gets it, makes the most of the break, and some day gives back so that some other needy family can benefit from it. (I would have preferred it if it was rented at sub-market prices, instead of being sold)
Suppose the housing market recovers. Can the family then sell the condo and get to keep the profit?
I don’t think they can ever resell the condo for a profit. There are rules and guidelines governing the purchase of homes through low income subsidies; one of those guidelines prohibits the sale for profit at any future point in time.
[Editor's Note: The house must remain affordable for 45 years, so the buyer's purchase agreement includes terms under which he will sell it to another low income buyer at an affordable price, as determined by HUD, if he decides to leave within 45 years.]