CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM APPLICATION

Transcription

1 CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM APPLICATION 1

2 (This application does not apply to Market-Rate buyers) DISCLOSURE: THIS UNIT IS SUBJECT TO 45-YEAR DEED RESTRICTIONS THAT STATE, IN PART, THAT THE UNIT MUST BE OWNER-OCCUPIED AND MUST REMAIN AN AFFORDABLE UNIT FOR 45 YEARS. IF THE OWNER CONSIDERS SELLING THE UNIT PRIOR TO THE END OF THE 45-YEAR PERIOD, THE CITY OF WALNUT CREEK INCLUSIONARY RESALE PROCESS TO SELL THE UNIT TO A NEW LOW TO MODERATE INCOME BUYER MUST BE FOLLOWED. BUYERS SHOULD BE AWARE THAT THIS RESTRICTION DOES NOT ALLOW FOR NORMAL MARKET RATE APPRECIATION OF THE UNIT. BEFORE SUBMITTING AN APPLICATION, PLEASE MAKE SURE THAT YOU MEET THE THRESHOLD ELIGIBILITY REQUIREMENTS AS SET FORTH IN THE ENCLOSED PROJECT NAME BROCHURE. APPLICATION CHECKLIST Please read the Application carefully and complete all items clearly and legibly. You must be a first time homebuyer and the first time homebuyer Certifications must be completed and signed. A first time homebuyer is an individual who meets the following criteria: o An individual who has had no ownership, individually or jointly, in a residence within 3 years of the date on which this application is submitted; o A single parent who has only owned with a former spouse while married; o An individual who is a displaced homemaker and has only owned with a spouse; o An individual who has only owned a principal residence not permanently affixed to a permanent foundation; and o And an individual who has only owned a property that was not in compliance with State, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure. A minimum 5% down payment is required, of which, a minimum of 3% must come from your own funds. If a friend or family member is giving you (not lending you) a portion of your down payment, the Home Purchase Gift Letter must be completed and signed by you and your donor. 2

3 The following items must be submitted WITH your application in order to be processed. PLEASE PROVIDE COPIES, NOT ORIGINALS 1. Last two (2) most current paycheck stubs 2. Tax Returns (State & Federal) for last three years 3. Enlarged copy of Driver License or State ID (All applicants) 3

4 PROJECT NAME CITY of WALNUT CREEK INCLUSIONARY HOUSING PROGRAM APPLICATION OFFICE USE ONLY: LAST / FIRST / RECEIVED DATE REVIEW DATE REVIEWED BY QUALIFIED INCOME CATEGORY YES ( ) NO ( ) OVERVIEW The following information will be used to determine your eligibility to participate in the Kinross Inclusionary Housing Program process. Upon review and determination of eligibility, you will be notified if additional documentation is required to participate in the Program. Be sure to provide the most accurate information possible. All information is subject to verification. Should you have any questions, please contact us at ( ) I. APPLICANT(S) INFORMATION (MUST BE COMPLETED BY ALL APPLICANTS) Name (Applicant): Address: City: State: Zip Code: How Long at this address: years months Telephones / Home: Work: Ext: Employer: How Long: years months Address: City: Hours per week Social Security No: / / D.O.B: ( ) Married ( ) Unmarried Name (Co-applicant): Address: City: State: Zip Code: How Long at this address: years months Telephones / Home: Work: Ext: 4

5 Employer: How Long: years months Social Security No: / / D.O.B: ( ) Married ( ) Unmarried Head of Household: Yes ( ) No ( ) Number of People in Household: NAME LAST / FIRST HOUSEHOLD MEMBERS (Must include all household members) RELATION to APPLICANT (S) AGE II. FINANCIAL INFORMATION (INCOME AND EXPENSES) Monthly Income (gross) Monthly Expenses (* PROPERTY OWNERS ONLY) To Whom Payment Balance Applicant s monthly Income: $ Rent Co-applicant s monthly Income: $ Insurance (renters) Name & income of Auto 1 All working adults: Auto 2 $ $ Bank Card Other (list of source): Bank Card $ Bank Card $ Finance Company MONTHLY TOTAL INCOME: $ Credit Account (total) TOTAL EXPENSES: 5

6 III. CITY INFORMATION The City of Walnut Creek requests the following information for statistical purposes only. Your cooperation in providing this information is appreciated: Ethnic Identification of Applicant: White Black Hispanic Asian/Pacific Islander Native American/ Eskimo/ Aleutian Other Disabled Decline to State How did you hear about this program: Friend Newspaper ( ) Community Meeting Other ( ) IV. APPLICANT S STATEMENT (Read before you sign): All information in this application is true and correct. I understand that you will confirm the information and retain the application whether or not the application is approved. You are also authorized to receive information on my credit. Any false information on my application may be grounds for denial and / or disqualification. Applicant: Date: Signature Print or Type Co-applicant: Date: Signature Print or Type APPLICATION MUST BE SENT TO: TO: Margot Ernst City of Walnut Creek CDD/Housing 1666 North Main Street Walnut Creek, CA

7 CERTIFICATIONS 7

8 CITY of WALNUT CREEK INCLUSIONARY HOUSING PROGRAM PROJECT NAME BELOW MARKET RATE UNITS FIRST TIME HOMEBUYER CERTIFICATION I/We and hereby certify that I/We meet the First Time Homebuyer requirements as per State of California and Federal Housing Program guidelines (see Application Checklist of Documents). I/We and have not held ownership interest in any residential property within the last three (3) years and do not currently hold ownership interest in any residential property. This includes, but is not limited to, co-ownership of property or serving as a co-signer to a mortgage loan for property purchase. I/We and hereby understand and agree that if this information is found to be inaccurate, I/we can be eliminated from the program to purchase a unit under the City s Inclusionary Housing Program. If said event should occur, I/we further understand that this elimination from the program is not subject to appeal. Applicant Date Co-Applicant Date 8

9 CITY of WALNUT CREEK INCLUSIONARY HOUSING PROGRAM PROJECT NAME BELOW MARKET RATE UNITS HOME PURCHASE GIFT LETTER (To be completed only if gift funds are being obtained by buyer(s)) To Whom It May Concern: I/We and are interested in purchasing a below market rate unit within the project in the City of Walnut Creek. It is my/our understanding that I/we am/are required to provide a five (5%) percent down payment toward the purchase price of said unit. It is also my/our understanding that a minimum of three (3%) percent of this down payment must come from my/our own funds. The remaining two (2%) percent may be provided to me/us as a gift if acceptable to my/our primary lender. This letter will confirm that I/we will be receiving a gift of funds of $ to assist me/us with the down payment to purchase said unit. These funds are a gift and do not require repayment to the donor(s). The donor(s) of this gift of funds is/are and who is/are related to me/us as. Applicant: Date: Co-applicant: Date: As donors of a down payment assistance gift, I/We understand and acknowledge that these funds are a gift and that repayment is not required. Donor: Date: Co-donor Date: 9