Information for Existing Housing Program Participants
First Time Homebuyer Program and Neighborhood Home Improvement Program
Households who purchased their home with downpayment loan assistance from the City, purchased a Below Market Price (BMP) home from the City, or borrowed funds for home improvements from the City may find the following resources helpful when thinking about refinancing their loan, making capital improvements, selling their home, or paying off their City loan.
If you make improvements to your home and want the value of the capital improvements to be taken into account when the Maximum Restricted Resale Price is calculated, you must obtain written approval of the improvements by the City before the improvements are made; the initial cost of each improvement must be at least 1% of the original purchase price and the Eligible Improvements must conform with existing building codes.
Below Market Price Homes
The City has helped make the cost of buying a Below Market Price (BMP) home affordable. In exchange for the opportunity to buy your home at an affordable below market price, you agree that the City has an option to buy your home at a restricted resale price or the City can assign it to another income eligible first time homebuyer household. If you decide to sell or move from your home, you must let the City know promptly in writing of your intention by completing and sending the City the Owner’s Notice of Intent to Sell. The City will have 30 days to respond to the Notice of Intent, and the response will include the current restricted resale value as well as resale information.
Downpayment and Home Improvement Loan Repayment
If you purchased your home with downpayment loan assistance or borrowed funds for home improvements from the City and decide to sell or pay off your loan, please have your Escrow Officer email the Housing Division immediately to request a loan payoff. The City will need the following documents to prepare a loan payoff quotation: completed Form of Owner’s Notice of Intent to Transfer, a fully executed purchase agreement, a current property appraisal report, and a preliminary title report.