Villages of Columbus - Columbus Grove - Clarendon

NEW -> Contingent Buyer Assistance Program
<p>zovall - got the details about the tustin affordable housing, if you're still interested. </p>

<p>depending on what income level you were (very low, low, moderate), you could get certain homes at a great discount. e.g. the moderate-income cutoff was around 63k for family of one. at that income level, the 3br cost about 340k. 2br, high200s-low300s.</p>

<p>to apply, you had to submit full doc.. tax returns, pay stubs, bank account statements, fill out online app, and a few more things that i cant remember. but it was A LOT of gather and the window to apply was less than a week. still, over a thousand people applied and only 160 homes available. only 60 designated for moderate income folks.</p>

<p>the caveat to the program is that you cant sell the house at whatever price you want. you have to contact the city and THEY will determine the selling price for you, based on factors like median incomes and market value, whichever is LOWER. </p>

<p>you still have to pay the HOA (someone said approx 300/month?) plus property tax at regular rate.</p>
 
We originally like the plan 3s but with HOA and everything it's WAY too expensive. People interested in the plan 3s should look at single family residence since it will turn out to be similar in price if you do the math.
 
Plan 3 is definitely nice, but $374 HOA is just a little high. $300 a month at 6% is about $50,000 for a 30 year fixed loan. So adding that would make this a $700,000 townhome. I guess it comes down to personal preference but good luck to those that choose this option!
 
IrvineMom - Good point noted. I'm just saying this for people considering to purchase since I'm on the same boat! Anyway, I wasn't aware that the HOAs cover insurance on townhomes.
 
<p>Since towhhomes are attached to each other, you just can not purchase insurance for your own unit; therefore, HOA takes care of this part. Ask your HOA for the policy. In some way, it's cheaper, if not as expensive as owning a detached home.</p>
 
Could someone explain the insurance a bit further? From IrvineMom and EvaLseraphim's comments, it sounds like HOA cover part of the insurance for townhomes but not all? What is the general price of all these insurances? (I thought they were generally the same for all types of hosues before)
 
dning - Say if you own a 1500 sq. ft. SFS, your premium is $600/yr for structural damage, and $300/yr for renter insurance (personal belonging + slip and fall up to $500K). If you own a condo, you do not pay the $600 (mandatory, HOA provided). The renter insurance is optional. Hope I am clear.
 
wow that's alot. i mean northpark square condos are 300+ HOA, but at least it's because you have a guy at the gate asking you why you're visiting!
 
I wonder if the HOA is higher in Clarendon because Columbus Grove is much smaller than other villages and they have fewer neighborhoods to divide the costs between.
 
<p>The Affordable Housing program at Clarendon is a SCAM. I was selected in the lottery and was called to pick out my unit. The best value BY FAR is the large unit, as the affordable price is $302,000 for a huge beautiful unit. Their requirements were $9800 (3%) down, and a maximum income of $63k for a single person in the moderate, tier 2 bracket (where I fell in). With the sky-high HOA, taxes, fees and utilites equaling $890/mo, the maximum loan you can qualify for under the program is $154,000. (You are only allowed to utilize 35% of your income for housing under the City's affordable housing guidelines). Do the math - that means I had to come up with a $148,000 down payment ON TOP of the $9800 down. The sales folks actually told me that with a straight face. I called the City and was told that they had no control over HOA fees and that the builder allocated the housing units. As a moderate, tier 2 buyer, I had to choose between large multi-bedroom units (Clarendon and Camden) starting at $276,000 - even though I am a single person. The other part of the affordable program is that you have to pick your unit blind - meaning after the lottery drawing, you have to identify the unit you want without knowing which units will actually be available. I was "lucky" - I picked the big Clarendon and got my call, only to find out that they didn't REALLY want people who actually needed affordable housing. They designed this program so that only people who had a relative or friend who could GIVE them $148,000 (can't be a loan - must be a GIFT) can actually buy one of these homes. I had to submit tax returns, bank statements, retirement account statements, and pay stubs in order to qualify. If I had $150,000 in the bank I WOULDN'T QUALIFY FOR THE PROGRAM, so how in the heck can they say it is for affordable housing folks? So these "affordable" homes are going to people with family money (Can you say investment property) who didn't need the assistance in the first place. What a sick joke!!!</p>
 
<p>CM_Dude</p>

<p>There was an OC Register article a few months back describing an earlier round of this same conundrum. It sounds like expectations of "qualifying" for the program haven't translated into hardly any people being able to actually purchase.</p>

<p>And certainly, any of us would be all over their plan 3 for $302k like white on rice.</p>

<p>SCHB</p>
 
<p>SCHB,</p>

<p>Unquestionably, the $302,000 price for a 4 bedroom, 3 bathroom, 2,000+ sq. ft. home in a prime location is a fantastic opportunity. Lyon and Lennar didn't offer these homes out of the goodness of their hearts, it was a Tustin requirement. The City records a lien against the home for 45 years, during which time the owner must actually live in the home and cannot rent it out. If the owner wishes to sell the house, they must do so through the City. I can only assume that the folks who "qualify" for affordable housing, then get tens of thousands (in some cases well over $100,000) in "gift" funds to purchase the homes expect that they will get some sort of return on their investment. If the program is administered properly and all sales restrictions are enforced by Tustin, these homes are a horrible investment (high HOA/taxes + no accumulation of equity for 45 years). Maybe they will try and pull off the trick that some Huntington Beach affordable buyers are trying - suing the City so they can sell their homes at market rates, even though they bought them below market with City housing funds! Greed is an amazing motivator!</p>

<p>What is so offensive about Tustin's program is that is DESIGNED to exclude people who TRULY qualify for affordable housing. The LA Times article by Jennifer Delson, available here: <a href="http://www.topix.net/content/trb/1985920457307977489537520253773557916659">http://www.topix.net/content/trb/1985920457307977489537520253773557916659</a> describes the reality for people in lower income brackets. I squeezed in right under the ceiling, and was in the highest income bracket. </p>

<p>The irrefutable fact is this: I qualified for the program in every way. I attended the lottery and drew one of the very first tickets. I was offered a home, only to be scolded for not understanding the "real" qualifying formula that showed me I could only spend $1000/mo. on a mortgage because my HOA, taxes, fees and utilities were $890/mo. (35% of my income = $1890/mo.) So, under THEIR OWN FORMULA, I was never, ever going to get a house unless I had a fairy godmother with $150,000 just laying around. If they really wanted to get "affordable" housing qualified people homes under the City-mandated program, the home would have cost $150,000. But only $276,000 - $311,000 homes were offered for people in my income bracket.</p>

<p>So, Lyon and Lennar cleverly avoided having truly "affordable" housing qualified people live in their shiny new neighboorhoods by rigging the process to exclude people without ready access to tens of thousands (in some cases well over $100,000) in "gift" funds.</p>
 
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