Why rent when you can own FOR LESS? Catalina Townhomes 2740 Dutton Meadow, Santa Rosa, CA 95407 www.catalinatownhomes.com Rents have climbed 30% over the past three years in Sonoma County*. Imagine owning a three bedroom, two bath home, including a two-car garage, for less than renting a two bedroom, two bath apartment*! Plus your monthly mortgage payments are locked in, which means you ll never face another rent increase. *According to Real Answers, a Novato-based rent research firm, average 2014 third quarter rent for two bedroom, two bath apartment - $1,839.00 Catalina Townhomes is a sweat equity development offering affordable homes to eligible buyers who have not owned a home in the last three years. Each home is on its own lot with an attached two-car garage. The homes include many features chosen to reduce energy, water use, and protect the environment and save you money. 60 NEW ENERGY EFFICIENT AFFORDABLE HOMES 1,312-1,581 SQ. FT. 3 BEDROOM 2 BATH 3 BEDROOM 2.5 BATH TWO STORY 2 CAR ATTACHED GARAGE
Features, Amenities and Floor Plans Dutton Meadow COMFORT AND CONVENIENCE Dual pane windows Tiled entry Quality oak cabinets Washer/Dryer hook-ups Gas range Central heat Tankless water heater Fire sprinkler system EXTERIOR Hardi siding and stucco with integrated paint Private front patio COMMON AREAS Beautiful landscaped grounds Green area CUSTOMIZE YOUR HOME - some additional cost Dishwasher Range Kitchen, dining and bath ceramic tile flooring Carpet Air conditioning NEIGHBORHOOD AMENITIES Transit at site with transfer station within 1/4 mile 1 mile to US 101 Southwest Community Park Meadow View Elementary School Plan 1 Plan 2 CUSTOMIZE YOUR HOUSE WITH STANDARD COLOR SELECTIONS - no additional cost Carpet Kitchen, dining and bath vinyl flooring Laminate counter top Range and hood Tile entry Second Floor Plan 1 Plan 2 Hearn Avenue Meadow View Elementary School W N E Southwest Community Park S First Floor
3D Interior Renderings * * Cabinet finishes, hardware, light fixtures, garage storage and furnishings are for illustrative purposes only. For more information call Burbank Housing 707-526-9782 www.catalinatownhomes.com
What is Self-Help? What is Mutual Self-Help? This owner/builder program brings participating households together as an organized group under the supervision of Burbank Housing to build their homes and their new community. It includes primary mortgage financing, favorable secondary financing, with owner/builders needing only a cash payment for closing costs. The sweat-equity labor contributed by the household eliminates the down payment. During the course of construction, each household will need to work up to 30 hours per week. This can include some volunteer hours. These crews work alongside experienced construction supervisors who guide the work and ensure that it is done correctly, safely and according to building code. Construction work performed by participating households includes rough and finish carpentry, painting, and landscaping. Licensed contractors do the more technical work, such as electrical and plumbing. Prior construction experience is not required - time, energy, and commitment to the work is absolutely required. For more information call Burbank Housing 707-526-9782 www.catalinatownhomes.com
Eligibility Who is Eligible? Buyers must have good credit, low debt, and stable employment. Buyers must not have owned a home within the last three years. Buyers must occupy their home; no renting is allowed. Buyers must have legal status in the United States (US Citizenship, Permanent Resident, or Qualified Alien with valid employment authorization card and social security card. Buyers must be ready, willing and able to work up to 30 hours per week during the entire home construction period. Some volunteer hours can be included. Buyers must qualify for mortgage financing and have at least a combined minimum annual household income of $48,000. Financing and Eligibility Catalina Townhomes offers homeownership to eligible low-income households who cannot generally otherwise purchase a home in today s housing market. Favorable mortgage financing for these homes is expected to be available through Banc Home Loans and other sources. Households must meet program guidelines, particularly those pertaining to income and credit, to qualify for the purchase of a home. To be income-eligible for Catalina, your annual household income may not be greater than the limits set by the U.S. Department of Housing and Urban Development (HUD). Persons in Household 2014 Maximum 1* $ 45,500 2 $ 52,000 3 $ 58,500 4 $ 65,000 5 $ 70,200 6 $ 75,400 7 $ 80,600 8 $ 85,800 Your ability to qualify for the mortgage loan depends on many factors, including the amount of income you have available for monthly mortgage payments, your employment history, your outstanding debt and your credit history. Sale prices for Catalina homes will be based on appraised values; however, your first mortgage will be lower with several deferred loans making up the difference. We anticipate the required minimum household income to purchase a Catalina home to be approximately $48,000. A household will need additional available cash funds in the range of $4,000 to $6,000 for closing costs and the purchase of tools. For qualified families, monthly payments will range from 30% to 35% of gross monthly income, or net income for the self-employed. These homes are priced below cost. Some resale restrictions will apply, depending on the financing assistance needed. Catalina Townhomes is a common interest community with a Homeowner s Association (HOA). * 1 person qualification depends on debt and available funds. For more information call Burbank Housing 707-526-9782 www.catalinatownhomes.com
Eligibility Application Process If you feel you meet the requirements of the program guidelines and you are interested in purchasing a Catalina home through the mutual self-help program, complete a pre-application and submit it to: Burbank Housing Homeownership Program 790 Sonoma Avenue Santa Rosa, CA 95404 Call (707) 526-9782 if you have any questions. PLEASE COMPLETE ALL SECTIONS OF THE PRE-APPLICATION Pre-applications will be accepted and reviewed to determine program eligibility. The first mortgage lender will make the final determination on your qualification for a home mortgage loan. You will be required to attend a series of meetings to discuss the details of the Catalina mutual self-help program, construction obligations, financing, loan qualification, sales agreements and resale agreements. Thank you for considering participation in Catalina Townhomes. It is the responsibility of the prospective buyer to understand the information presented in this pamphlet. Our professional staff is available to help you weekdays during normal business hours at (707) 526-9782. Se Habla Español. Important Notice Catalina Townhomes is still in the preliminary planning stage. Information presented in this brochure regarding costs, design, requirements, obligations and schedules is subject to change. Burbank Housing is a local nonprofit organization dedicated to increasing the supply of housing in Sonoma County, so that low-income people of all ages, backgrounds and special needs will have a better opportunity to live in decent and affordable housing. Burbank develops and builds both rental and ownership housing and participates in rehabilitation of existing rental housing. In its 32-year history of developing and managing affordable multi-household residential communities, Burbank Housing has developed over 2,700 affordable apartments and over 840 owner-occupied homes. Burbank Housing Development Corporation 790 Sonoma Avenue, Santa Rosa, CA 95404 (707) 526-9782 bhdc@burbankhousing.org www.burbankhousing.org TTY (877) 735-2929 Voice Relay: (888) 877-5379 Updated 2/25/2015