Information for Homes Purchased under the City's First Time Homebuyer Program

First Time Homebuyer households who purchased their home with down payment loan assistance from the City or who purchased their home under the Affordable Housing Ordinance at below market price may find the following resources helpful when thinking about refinancing their mortgage loan, making capital improvements, or selling their home.


If you are a First Time Homebuyer property owner interested in refinancing your current mortgage, you must work with a lender listed on the City’s Approved Lender List. A City lender has received extensive training on City programs and will be able to assist you with a loan product that meets the City’s funding restrictions.

Eligible Capital Improvements 

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.  

Selling Home

Below Market Price Homes 

The City has helped make the cost of buying a below market price (BMP) home affordable to you and your family. In exchange for the opportunity given to you 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.

Down Payment and Home Improvement Loan Repayment

If you purchased your home with down payment loan assistance from the City, as soon as you accept an offer to sell your home, please have the Escrow Officer contact the Housing Division immediately to request a loan payoff. The City will need the following documents to prepare a loan payoff: a fully executed purchase agreement, a current property appraisal report, and a preliminary title report.