Resale - 14225 Lora Dr #67
First File First Served Apply Now!
SEE THE OPPORTUNITY DRAWING NOTICE FOR DETAILS AND INSTRUCTIONS
PROGRAM DOCUMENTS & DISCLOSURES
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement
with an In-perpetuity Term that does not expire.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.
OPPORTUNITY DRAWING #608
Studio / 1 Bathroom
Approx. 786 Sq Ft
Restricted Sales Price: $196,813
Monthly HOA: $500
Property Designated Income Category: “Low Income” (Maximum Income: 1-Person $102,300 and 2-Persons $116,900)
Occupancy Standard: Household Minimum 1, Maximum 2 people
Resale Restriction Terms: In Perpetuity (Review the documents above)
Note: This unit does not have in-unit washer/dryer hook-ups, but each floor does have shared, coin-operated machines.
Please refer to the ODN (Right) for additional information
Note: The Final Ranking numbers are subject to change after preference points are verified.
Important Deadlines
Drawing Entry Deadline: Open buyer is selected.
FIRST File FIRST SERVED - SEE the OPPORTUNITY DRAWING NOTICE FOR DETAILS AND INSTRUCTIONS
Ranking Numbers from previous releases are no longer valid unless your file is currently being processed. If you entered the drawing you don’t need to enter again; however, you must follow the instructions and submit the documents as noted on the Opportunity Drawing Notice for consideration. Applicants who opted out will not be processed.
RESOURCES
Historical Information
Note: The Final Ranking numbers are subject to change after preference points are verified.
