Resale - 95 Church St #2202
INFORMATION & ANNOUNCEMENTS
More information coming soon!
Program Documents
The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate in and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you, as the owner, are still occupying the property. Renting the property will breach program requirements, disqualifying you from the program.
This program is for households that meet the “first-time home buyer” definition for the program. See the Town of Los Gatos BMP Housing Program Guidelines.
OPPORTUNITY DRAWING #568
1 Bedroom / 1 Bathroom
Approx. 627 Sq Ft
Restricted Sales Price: $272,341
Monthly HOA: $842.54
Property Designated AMI: 80% - Up to Low Income
Occupancy Standard: Household Minimum 1, Maximum 3 people
Resale Restriction Terms: In Perpetuity (Review the documents below)
Please refer to the ODN (Right) for additional information
Important Deadlines
Drawing Entry Deadline: 3/20/2024 @ 5:00 pm PT
File Submission Deadline: 4/12/2024 @ 5 pm
Minimum Documents Required to Enter a Drawing and Be Ranked
This drawing has required documents that must be submitted by the drawing entry deadline:
1. A Housekeys Application specific to the project and drawing must be filled out and signed.
2. A current/valid loan Pre-Qualification: To participate in the drawing and complete the purchase, choose a loan officer from the APPROVED HouseKeys list of lenders and loan officers. Version 12.14.2023 - Obtaining a pre-qualification letter requires time; we highly recommend you start this immediately.
3. Exhibit E – Preference Form with supporting documentation.
PLEASE NOTE: If a selected preference cannot be verified because the completed Exhibit E or the specific supporting documents required by the city are not provided, you will lose the preference and be ranked without it.
THE MINIMUM “INITIAL FILE” FOR REVIEW IS COMPRISED OF THE FOLLOWING DOCUMENTS…
HouseKeys Program Application forms and exhibits
Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.
Latest Tax Return, including all schedules, w-2s and 1099 forms for all household members
Last 30 Days of Paystubs or benefit letters for all income earners 18 years old and over**
Proof of Down Payment Funds
Most current bank statements for all accounts for all household members
Preference (Point) Form and Supporting Documents (No proof, no points)
**If you are Self-Employed, submit your last year's Profit and Loss Statement and your Year to Date Profit and Loss Statement (one for each business). If an adult household member does not have income, complete a zero-income affidavit.
Please Note…Upon timely submission and approval of these initial review documents, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. In order to do so, you can expect to be given a deadline to provide them in order to continue through the process and be considered for the opportunity.
