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Buying and Selling Income Restricted Units


The following data was compiled to assist in the sale or purchase of an affordable home. The goal of this information is to clarify the process and ensure the requirements are followed in an appropriate and timely manner. The criteria and restriction may vary by development.  If you want more information by development/tract go to affordability restriction documents below and criteria required from buyer as noted "What to do if you are a Buyer".

If you are a seller go to "WHAT TO DO IF YOU ARE THE SELLER"

if you are a buyer go to "WHAT TO DO IF YOU ARE A BUYER"

HOW DO I KNOW IF THE HOUSE I WANT TO PURCHASE HAS AFFORDABLE HOUSING RESTRICTIONS? 

There are several Affordable Housing Developments located in the City of Ventura with resale controls. Details of these developments affordability restriction documents, and other information can be viewed by Clicking Here.

IMPORTANT DATES TO KEEP IN MIND 

  • Prior to opening escrow, the seller must submit a complete Notice of Intent to Sell packet (Numbers 1-7 under the “What to do if you are the Seller” section above) to the HACSB.
  • Within 5 days of opening escrow the HACSB should be contacted by either the buyer or the listing agent by submitting the completed signed original Affordable Housing Program Application along with the requested documentation.
  • The HACSB has 35 days from notification that escrow has opened to issue a Certificate of Compliance, provided that all requirements have been met.
MAXIMUM ALLOWABLE HOUSEHOLD INCOME LIMITS 

The Maximum Allowable Household Income Limits are based on combined adult income for the total number of people residing in the household.  The current income limits are effective as of May 13, 2022.  Income limits are revised annually.  

MAXIMUM ALLOWABLE SALES PRICE FOR VERY-LOW, LOW AND MODERATE INCOME HOMES

The Maximum Allowable Sales Prices are based on an equation as defined in the Declaration of Covenants, Conditions and Restrictions and the Resale Restrictions Agreements for various affordable housing tracts.  Click Here to view the current Maximum Allowable Sales Prices for the various affordable housing tracts.   Maximum prices are revised annually.

Contact

Nellie Jasso
Project Manager
(805) 648-5008 Ext. 2247
njasso@hacityventura.org