68 homes priced from low-$400,000 coming to Irvine

[brergnat]

Probably none of us qualifies for this program.

We would if they used only our tax returns. $48,000 of our annual income is tax free. We would love to buy one of these, but alas, they will look at paystubs too.

Does anyone know what happens if someone buys one of these and then their income goes up above the limit? Or do you just have to be below the limit at the time you apply for the house?

 

[usctrojancpa]

Probably none of us qualifies for this program.

We would if they used only our tax returns. $48,000 of our annual income is tax free. We would love to buy one of these, but alas, they will look at paystubs too.

Does anyone know what happens if someone buys one of these and then their income goes up above the limit? Or do you just have to be below the limit at the time you apply for the house?

It just has to be below the limits upon the purchase.

 

[freedomcm]

but the uni hills resale price is restricted to the rate of inflation, so if you live there, your housing is not an 'investment', just a place to live.

would you chose to live in a place where housing did not appreciate above inflation?

Also terrible headaches are some of the senior housing or worse affordable senior. Theres actually two other sections of restricted housing in Irvine; university hills, and another section near UCI I forget the name of right now.

The folks who are able to get homes in University Hills have it really good. The location/views are great. They have the same floorplans seen in other parts of Irvine for half the price. I'm sure the selling process can be a pain there though.

Aren't some of those homes for university faculty (UCI) and only for them, possibly lease or buy when they are working then must move out when they retire/quit? I heard this 10+ years ago, so I'm sure things could have changed or I was misinformed.

Everything in there is for UCI faculty with the exception of 2 tiny cul-de-sacs that have a handful of custom homes. As far as I know, faculty can still live there even when they retire.

 

[irviniteeee]

but the uni hills resale price is restricted to the rate of inflation, so if you live there, your housing is not an 'investment', just a place to live.

would you chose to live in a place where housing did not appreciate above inflation?

Also terrible headaches are some of the senior housing or worse affordable senior. Theres actually two other sections of restricted housing in Irvine; university hills, and another section near UCI I forget the name of right now.

The folks who are able to get homes in University Hills have it really good. The location/views are great. They have the same floorplans seen in other parts of Irvine for half the price. I'm sure the selling process can be a pain there though.

Aren't some of those homes for university faculty (UCI) and only for them, possibly lease or buy when they are working then must move out when they retire/quit? I heard this 10+ years ago, so I'm sure things could have changed or I was misinformed.

Everything in there is for UCI faculty with the exception of 2 tiny cul-de-sacs that have a handful of custom homes. As far as I know, faculty can still live there even when they retire.

I think the whole point of the community is for faculty to have affordable housing near campus, not for investment purposes. They know what they are getting into when they purchase there.

 

[eyephone]

It sounds like a real good deal, BUT ONLY IF YOU QUALIFY!

 

[Innosint]

One co worker bought on in Lakeforest years ago.
I looked into it for a while a few years ago, but eventually stopped
And two co workers are currently looking into it.

IIRC both the initial buyer and resale buyer has to satisfy the wage cap.
The wage cap depends on how many people you have in the house.

And if I recall correctly, there is a capped increase of property value per year.
Buying process for my co worker did took a while, but hey, if you want a permanent place to stay and not for investment.  it's not a bad choice.

 

[sgip]

I've worked on many "Affordable Housing" projects over the years.

There was a Low/Mod income restricted townhouse community built next door to the Ritz Carlton and Salt Creek Beach. On the day of sale, buyers names were put into a box and pulled out at random. First two or so names seemed like "Average FTHB Joe and Jane Smiths" but every few picks were "Dr. Gottbucks". The crowd would boo and hiss every time a Doctor's name was pulled. The buyers were getting pretty edgy as the final units were offered up and the sales staff almost stopped broadcasting names because of it.

Another 20+ homes in the San Gabriel Valley were up for sale as income restricted new homes for sale. At the time this was essentially a bribe to the City the homes were built in so that larger, less affordable homes might be built once land use changes were made. Of course there were a couple of "reserved" units held back from the public, bought by friends and family curiously exempt from FTHB income limits. Odd how that works.....

68 homes will not make a dent in the realistic housing needs here in OC. This is more bread and circuses for those who want to look like they are doing something when in fact they are not.  I'd like to see surplus land that the cities have - strange sized lots, tax defaulted commercial buildings etc sold or leased to Habitat for Humanity or other productive organizations for building out. If you look hard enough you'd be amazed how much available raw land most cities hold. For what reason? You've got me. With Work at Home being a new norm, one has to wonder what some of these commercial centers will do with their vacant tilt-up buildings. It might be better to push a few over and let an infill builder like the Olson Company or Melia come in and turn the place around.

SGIP