Although our homeownership financing and education programs have been successful, the greatest need in our community is the development of new affordable housing. The Affordable Housing Clearinghouse works with cities and developers to obtain helpful information on affordable homes for our clients. In addition to our home loan activities, we provide information on affordable homes for sale.
Current Projects
Neighborhood Stabilization Program
Affordable Housing Clearinghouse received $568,644 in National Stabilization Program Funds to purchase REO properties in Orange County. Three eligible condominium properties were purchased using the funds. All of the properties are located in south Orange County. Two properties are currently listed on the Multiple Listing Service. Two of the properties are available for purchase to qualified first-time homebuyers whose incomes are at or below 120% of the Area Median Income for Orange County. All buyers must attend a First Time Homebuyer Seminar prior to the close of escrow. Downpayment assistance is available for eligible buyers.
For additional information on the properties available, please contact the listing agents.
NSP First-Time Homebuyer Program Recipient
Properties Available
| Address | Activity | Maximum AMI (%) | BR/BA | Status | Realtor |
| NSP 1 Properties | |||||
| 26158 Hillsford Place
Lake Forest Photos Available Hillsford Flier |
Home | 120 | 2/2 | Sold | |
| 27350 Young Drive
Laguna Niguel Young Flier |
Home | 120 | 1/1 | Sold | |
| 23412 Pacific Park, Unit 17G, Aliso Viejo Pacific Park Flier | Home | 120 | 1/1 | Sold | |
| 23408 El Reposa
Aliso Viejo 92656 |
Home | 120 | 3/2 | Under Construction | David Martinez
(714) 396-5763 |
| 490 Bedford
Orange |
Home | 3/3 | For Sale | Shannon Novella
(951) 207-9779 |
|
| NSP 2 Properties | |||||
| 66 Lobelia
Rancho Santa Margarita 92688 |
Home | 120 | 3/2 | Sold | David Martinez
(714) 396-5763 |
| 640 S. Magnolia
Brea |
Home | 120 | 2/1 | Pending |
NSP I Income Limits
|
Household |
Very Low |
Low |
MOD |
|
Size |
50% |
80% |
120% |
|
1 |
32,350 |
51,700 |
77,550 |
|
2 |
36,950 |
59,100 |
88,600 |
|
3 |
41,550 |
66,500 |
99,700 |
|
4 |
46,150 |
73,850 |
110,750 |
|
5 |
49,850 |
79,800 |
119,600 |
|
6 |
53,550 |
85,700 |
128,500 |
|
7 |
57,250 |
91,600 |
137,350 |
|
8 |
60,950 |
97,500 |
146,200 |
NSP Program Qualifications
- Applicants must be income qualified (see Income Limits)
- Minimum Homebuyer contribution: 1% of purchase price from the applicants own funds, in addition to buyer’s customary closing costs
- Maximum down payment assistance is $80K per unit or 30% of purchase price of the home
- Assistance provided is 0% interest loan forgivable after 15 years if property remains owner occupied
- Applicant must qualify with a lender for a first trust deed of 30 years – no ARM’s
- Affordability restrictions: 15 year minimum
- Property purchased must be owner occupied
- Citizenship/Residency status required
- Credit:
- No min. credit score
- No credit accounts past due at time loan is recorded
- No outstanding unpaid judgments or involuntary liens
- No bankruptcies
- Homebuyer Education: Required
- Eligible properties:
- Must be in specific census tracts (call AHC for details)
- Foreclosed properties must be vacant at least 90 days
- No tenant living in the property
Click here for more information on the Neighborhood Stabilization Program.
Refurbished Foreclosure Homes
In an effort to revitalize neighborhoods, AHC purchases foreclosed homes and restores them for sale to qualified homebuyers. Currently we are offering the following properties:
|
Property Address |
BR/BA |
Status |
Information |
|
2893 Oro Blanco, Escondido, CA |
For Sale |
Janet LaPadre (951) 316-3380 |
|
|
15634 Patronella Avenue, Gardena, CA, 90249 |
4/2 |
|
Monica Diaz (626) 890-7187 |
|
3941 Evadale Avenue Los Angeles 90031 |
|
For Sale |
|
|
910 N. Muriel Avenue Compton, CA |
2/1 |
Under Construction |
Monica Diaz (626) 890-7187 |
|
9604 Van Ruiten Bellflower, CA |
3/2 |
For Sale |
Monica Diaz (626) 890-7187
|
City of Buena Park
The City of Buena Park Redevelopment Agency and RSI Buena Park LLC have broken ground on nine new affordable homes. The craftsman homes ranged from three- to four-bedrooms and are available for $354,000 and up. These single family, detached homes will be offered through a lottery sales process to moderate income households that have at least four persons residing together in the same household.
Upcoming Projects
We are now in the planning stages of two development projects that will provide new homes for low-income households.
Picadilly Affordable Homes, Anaheim
The Affordable Housing Clearinghouse and Mary Erickson Community Housing have partnered with the County of Orange to construct affordable homes on a County-owned parcel in the City of Anaheim. The County will donate the land, and we are currently obtaining a construction loan. We have been awarded funds from the State Attorney General for this project. The homes will be sold to low-income first-time homebuyers.
Mustang Affordable Homes, Rubidoux Unincorporated Area of Riverside County
The Affordable Housing Clearinghouse and Mary Erickson Community Housing are co-developers on this project. We have finished the acquisition and assemblage of a parcel of land in Riverside County, and we are currently processing entitlements to construct seven single-family homes on the site. The site is a blighted, vacant lot in the unincorporated Rubidoux area, a targeted redevelopment area of Riverside County. The Riverside County Economic Development Agency provided an acquisition loan for the project. We applied for and were awarded subsidy from the State BEGIN program for new construction of affordable homes. The homes will be sold to low-income first-time homebuyers.
Previous Projects
Fair Oaks Court, Pasadena
Our direct lender affiliate, the Clearinghouse CDFI, provided a loan to Heritage Housing Partners to construct 44 affordable homes for sale in Pasadena. The homes are complete. The Affordable Housing Clearinghouse is working with the homebuyers to assist them in qualifying for the loans through the Clearinghouse CDFI. The homebuyers will receive CalHFA loans and downpayment assistance.
Olive Court, Long Beach
Olive Court is a mixed-income condominium project in the City of Long Beach. Our direct lender partner, the Clearinghouse CDFI, is currently selling the homes. The sales prices are under $375,000, and a subsidy of up to $186,000 is available from the City of Long Beach. The Affordable Housing Clearinghouse is assisting the homebuyers with purchase financing. For more information, go to www.olivecourt.com.
Affordable Homes, Riverside
Mary Erickson Community Housing built six detached homes in the City of Riverside for sale to low- and moderate-income first-time homebuyers. The Affordable Housing Clearinghouse partnered with Mary Erickson Community Housing to market the units, receive applications, assist in the eligibility review and selection process, provide homeownership education, and assist the buyers with obtaining a home loan.