SONRIA AFFORDABLE HOUSING PROJECT by pengxiuhui

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									Aldersgate, LLC
Vista Urbana Location
   Vista Urbana is located in the Riverpark
    master planned community.

   Across the freeway from the Esplanade
    shopping center.
Vista
Urbana
Location
Vista Urbana Site
   Vista Urbana will contain 13 buildings comprised of
    12 homes for a total of 156 units of affordable
    housing.

   69 homes will be considered low income units
   87 homes will be low to moderate income units

   The site will contain:
      Plenty of owner and guest parking

      Lush landscaping

      Neighborhood pocket park
Vista Urbana Site Map
Vista Urbana Exterior Elevations
   The homes will feature Spanish and
    Mediterranean inspired architecture including:

       Tile roofs
       Arched windows
       Rod iron terraces
       Private patios and balconies.
Vista Urbana Exterior Elevations
Floorplans
Vista Urbana Floor Plans

There are five Vista Urbana floor plans.
   1)   2   Bed/2 Bath at 998 sq. ft.            =   26
   2)   2   Bed/2 Bath at 1,025 sq. ft.          =   52
   3)   3   Bed/2 Bath at 1,257 sq. ft.          =   26
   4)   3   Bed/2 Bath at 1,321 sq. ft.          =   26
   5)   3   Bed/2.5 Bath at 1,471 sq. ft.        =   26
   Total homes:                                  = 156
Please note, that these are square footage approximations.
    Vista Urbana Floor Plans

   Each floor plan will feature:

       9’ high ceilings
       Walls wired for internet and flat screen TV’s.
       Granite countertops
       Carpet and porcelain tile
       Name brand appliances
       Private patios and balconies
Plan 1 Floor Plan

                    •998 Square Feet

                    •2 Bedroom

                    •2 Bathroom

                    •9’ High Ceilings

                    •Granite Counter Tops

                    •Name Brand Appliances

                    •Porcelain Tile and Carpet
Plan 1 Model Color Scheme
Plan 2 Floor Plan

                    •1,025 Square Feet

                    •2 Bedroom

                    •2 Bathroom

                    •9’ High Ceilings

                    •Granite Counter Tops

                    •Name Brand Appliances

                    •Porcelain Tile and Carpet
Plan 2 Model Color Scheme
Plan 3 Floor Plan

                    •1,257 Square Feet

                    •3 Bedroom

                    •2 Bathroom

                    •9’ High Ceilings

                    •Granite Counter Tops

                    •Name Brand Appliances

                    •Porcelain Tile and Carpet
Plan 3 Model Color Scheme
Plan 4 Floor Plan

                    •1,321 Square Feet

                    •3 Bedroom

                    •2 Bathroom

                    •9’ High Ceilings

                    •Granite Counter Tops

                    •Name Brand Appliances

                    •Porcelain Tile and Carpet
Plan 4 Model Color Scheme
Plan 5 Floor Plan

                    •1,471 Square Feet

                    •3 Bedroom

                    •2.5 Bathroom

                    •9’ High Ceilings

                    •Granite Counter Tops

                    •Name Brand Appliances

                    •Porcelain Tile and Carpet
Plan 5 Model Color Scheme
Financial Information
Vista Urbana General Eligibility
   For the Vista Urbana development in general,
    you must meet Ventura County median
    income guidelines.
   That’s it!
   However, for down payment assistance, you
    must meet City and State requirements.
Ventura County Median Income
Guidelines
   To qualify for Vista Urbana, your gross annual income should
    not exceed the income limits below.

     Family Size         Low Income      Moderate Income

    1   Person           $49,850         $74,000
    2   Persons          $57,000         $84,550
    3   Persons          $64,100         $95,150
    4   Persons          $71,200         $105,700
    5   Persons          $76,900         $114,150
    6   Persons          $82,600         $122,600
    7   Persons          $88,300         $131,050
    8   Persons          $94,000         $139,500
Down Payment Assistance

   There are two types of down payment
    assistance.

   1) The City of Oxnard.
    2) State of California.

   Each has its own eligibility criteria.
Down Payment
Assistance Programs
   1) City of Oxnard down payment assistance.
           Housing Department
                BEGIN Program
                Citywide Loan Program
                HERO Program

   2) State down payment and closing costs assistance.
           California Housing Finance Agency
                California Homebuyer’s Down Payment Assistance Program
                 (CHDAP)
                School Facility Fee (SFF)
City Down Payment
Assistance Eligibility

   To be eligible for City of Oxnard down payment
    assistance you must be meet the following criteria:

   Must be a first time homebuyer.
        Could not have owned a home in the last three

         years.
        A mobile home is not considered a house.



   At the time you apply, you must be an Oxnard resident.
City Down Payment
Assistance Eligibility

   All household members must be legal residents of the
    U.S.

   Once approved for Vista Urbana, you must attend a
    first-time homebuyer course with SurePath Financial.

   At the time you apply you must not exceed the
    Ventura County median income guidelines.
State Down Payment Assistance
Eligibility

   To be eleigible for State down payment assistance
    you must be considered a first time homebuyer.

           Not owned a home in the last three years.
                A mobile home is not considered a home.

   You must intend to occupy the home for at least five
    years.
State Down Payment Assistance
Eligibility
   You gross monthly income must not exceed the
    income limits below.

          One Person      $70,950
          Two Persons     $81,050
          Three Persons   $91,200
          Four Persons    $101,300
          Five Persons    $109,400
          Six Persons     $117,500
          Seven Persons   $125,600
          Eight Persons   $133,700
Your Down Payment

   Two working adults
       Approximately, $5,000 of which $2,500
        may be a gift.


   One working adult
       Approximately, $2,500 of which $1,250
        may be a gift.
Down Payment
Assistance Review

     BEGIN Grant
     CalHFA CHDAP
     CalHFA SFF
     Citywide Loan Program
     HERO Conditional Grant
     Property Tax Reduction
     Ventura County MCC Program
BEGIN Down
Payment Assistance

   BEGIN is a deferred loan.
   No payments of interest or principal are due
    until the your home loan is paid or at the end
    of 30 years.
   BEGIN has a 3% simple interest rate.
CalHFA CHDAP
   CHDAP stands for the California Homebuyer’s Down
    Payment Assistance Program.

   The CHDAP is a deferred-payment loan for 3% of the
    purchase price for down payment and closing costs.

   No payments of interest or principal are due until the
    your home loan is paid or at the end of 30 years.

   CHDAP’s deferred interest rate is 3.25% simple
    interest per year.
CalHFA SFF
   SFF means School Facility Fee.
   The SFF program provides you with a
    conditional grant/rebate of the school fees
    paid by the developer.
   If you occupy the home for five years, the full
    amount of the conditional grant is forgiven.
City of Oxnard
Citywide Loan Program

   The City will provide a forgivable loan for down payment
    and closing costs.

   The loan is a capped, 3 to 1 match of your down
    payment.

   If you contribute $1,000, the city will contribute $3,000.

   The loan is forgiven after 5 years if loan is $15,000 or less
    and 10 years if the loan is over $15,000.
City of Oxnard
Citywide Loan Program

   If you sell your home before the 5 or 10 years you
    need to pay back the principal plus deferred simple
    interest at 3% per year.

   Applications will be processed on a first come, first
    qualified basis.

   Subsidy and amount will be based on availability and
    need for qualified borrowers.
HERO Grant

   HERO is a down payment assistance
    program.
   HERO is forgiven after ten years of living the
    property.
   To qualify, you must meet the same criteria
    as the Oxnard Citywide Loan Program.
Property Tax Reduction
   Vista Urbana Property taxes will be based on 1% of
    your loan amount, not on 2.05% of your sales price.

   For example, based on a sales price of $196,700 the
    savings is listed below:

    Regular Riverpark Tax                                Vista Urbana Tax
     $336.03*                                                $180.17**

   That’s a saving of $155.86 per month.

*Assumes 2.05% in Riverpark Mello-Roos property taxes.
**Assumes 1% of loan amount plus 38.35 CFDF
Ventura County MCC Program
   The Mortgage Credit Certificate (MCC) Program is a
    federal tax break that increases your monthly take
    home pay.

   It helps you reduce the federal taxes that would be
    deducted from your paycheck.

   This leaves you extra money to help you make your
    mortgage payment.

   For example, on a $196,700 home at a 3.875% rate,
    the extra monthly income would be $106.76.
Pricing
Vista Urbana Pricing
     Plan           Rooms/Bath           Sq. Feet       Price

     Plan 1:             2/2             998            $141,500
     Plan 1:             2/2             998            $191,999
     Plan 1:             2/2             998            $193,999
     Plan 2:             2/2             1,025          $196,700
     Plan 3:             3/2             1,257          $230,999
     Plan 4:             3/2             1,321          $233,999
     Plan 5:             3/2.5           1,471          $235,999


    Prices and payments are subject to change due to subsidy and
     market conditions.
FHA and Conventional Loans
   Depending on the working adults, all you need for an
    FHA loan is a down payment of approximately $2,500
    to $5,000 of which half of that can be a gift.

   However, if you are able to put down 5% of the sales
    price you may be eligible for a conventional loan.

   A conventional loan significantly lowers your monthly
    home payment.

   Note, that the 5% down payment must be your own
    money. No gift funds are allowed.
FHA vs. Conventional Payments
Plan            Price       FHA Payment*        5% Down            Conv. Pmt.**
Plan 1         $141,500         $938              $7,075               $823
Plan 1         $191,999        $1,269             $9,600              $1,139
Plan 1         $193,999        $1,282             $9,700              $1,149
Plan 2         $196,700        $1,299             $9,835              $1,211
Plan 3         $230,999        $1,518            $11,550              $1,352
Plan 4         $233,999        $1,534            $11,700              $1,365
Plan 5         $235,999        $1,543            $11,800              $1,374



 *Payments are based on 30 year fixed, FHA loans at 3.875% and include principal,
 interest, taxes, CFDF and HOA.

 ***Payments are based on 30 year fixed, Conventional loan at 3.875% and include
 principal, interest, taxes, CFDF and HOA.
Resale Restriction
   Vista Urbana homes will be restricted for
    45 years.
   If you wish to sell your home before this
    term, the City of Oxnard will set the re-sale
    price of the home.
   You cannot refinance the home without
    notification and approval of the
    City of Oxnard.
Resale Restriction
Sale Example

   Assumption for a sale after ten years.
   Original Sales Price:   $196,700
   Down Payment:           -$5,000
   CHDAP Closing Costs:                     -$6,270
   Citywide Loan:          -$1,923
   HERO Loan:              -$3,205
   CalHFA SFF:             -$4,060
   BEGIN:                  -$18,846

   UFMIP                   +$1,573
   Loan Amount:            $165,239
Resale Restriction
Sale Example

   City estimated sales price in 10 yrs: $230,139*
   Loan balance after 10 years:          -$129,628
   Gross Equity:                                       $100,511



    *Based on an estimate of CPI index movement for a total estimated
     increase in value of 17%.
Resale Restriction
Sale Example

   Estimate of deferred loans due after ten years.
   Citywide Loan:      $1,923       0
   HERO Loan:          $3,205       0
   CalHFA SFF:         $4,060       0
   CHDAP:              $6,270       $6,270
   BEGIN:              $18,846      $18,846

   Total deferred loans due:        $25,116
   x 10 Yrs @ 3% simple interest:   $32,651
Resale Restriction
Sale Example

   City estimated sales price in 10 years:   $230,139
   Loan balance after 10 years:              -$129,628

   Gross equity:                             $100,511
   Deferred loans and interest due:          - $32,651

   Gross estimated equity after 10 years:    $67,860
How Vista Urbana Benefits You!
   Mortgage payment is less or equal to what you would
    pay in rent.
   Control over your own home.
      Can’t be asked to vacate the apartment or rented

       house.
   Yearly tax deduction on interest you pay on the loan.
   Yearly tax deduction on the property taxes.
   New home, built for you with modern finishes.

   Gain equity!
How Vista Urbana Benefits You!
   In this example, you are literally being paid or
    building $565.50 per month, in equity, just to live at
    Vista Urbana!

   If we take the net equity example of $67,860/10
    years = $6,786 per year!

   $6,786/12 months = $565.50!
Questionnaire
Questionnaire Distribution
   As you entered, you were provided with a
    Questionnaire and a Questionnaire Receipt.

   If you need any extras, they will be available at the
    exits.
Questionnaire Distribution

   Also, starting on Tuesday, November 8, 2011
    Questionnaires will be also be available at the
    following locations:

       Vistaurbana.net

       Oxnard Housing Department lobby
       435 South D Street, Downtown Oxnard

       California Realty Professions, Inc office
       451 West Fifth Street, Downtown Oxnard
How to apply for Vista Urbana
   Complete the Questionnaire and Receipt and submit
    them between:
       November 12 to November 16, 2011
       Deadline is November 16, 2011 at 6:30 PM

   November 12 submission:
       7:00 AM to 4:00 PM at Santa Clara High School Gym.

   November 14, 15 and 16 submissions:
       10:00 to 6:30 PM
       451 West Fifth Street, Downtown Oxnard.
Questionnaire Submission
Deadline

   Wednesday, November 16, 2011 at
    6:00 PM.
   At 451 West Fifth Street in Downtown
    Oxnard.
   Once your questionnaire is submitted
    you cannot modify it.
How to apply for Vista Urbana
   When you submit your questionnaire and receipt a
    sequence number will be written on the top and
    bottom portions of the receipt and on your
    questionnaire.

   That will be your sequence number throughout the
    pre-qualification and sales process.

   As proof that you submitted your questionnaire, you
    will receive the top portion of the receipt.

   The bottom portion, will be stapled to your
    questionnaire.
How to apply for Vista Urbana
   Therefore, if you are sequence number 1, you will be the
    first questionnaire to be analyzed. If eligible, you will be
    the first to choose your home and complete a loan
    application.

   If approved for a loan, two things will happen:
       You will be invited (based on your sequence number) to
        enter into a purchase agreement for a Vista Urbana home.

       You will then be asked to complete a City of Oxnard
        affordable housing application .

   The purchase of your Vista Urbana home is contingent on
    the final approval of your City of Oxnard affordable
    housing application and final loan approval.
Questionnaire Processing
   We estimate that by Monday, January 16,
    2012, all of the Questionnaires will be
    processed.
   Meanwhile, we would advise you to not make
    any major purchases like cars, flat screens,
    jewelry, etc.
   Maintain your credit card balances as low as
    possible.
   Please watch your Christmas shopping!
Questionnaire Instructions
   Homeownership Questionnaire

   The Questionnaire will be used to determine if you
    meet basic City of Oxnard and Vista Urbana eligibility
    requirements.

   This is not a loan application. Your credit report will
    not be pulled.

   If you meet the basic requirements, you will be
    contacted and asked to complete a formal loan
    application.
Questionnaire Instructions

   Homeownership Questionnaire

   If the loan application is approved, you will then be
    asked to complete a City of Oxnard affordable housing
    application as well as a Vista Urbana sales contract.

   The purchase of your Vista Urbana home is contingent
    on the final approval of your affordable housing
    application by the City of Oxnard and final loan
    approval.
Questionnaire Instructions

   Questionnaire Type

   Individual
       Single person
       Unmarried person

   Joint
       Husband and wife
       Two or three other people
Questionnaire Instructions

   Marital Status

   Married
   Unmarried
       Divorced

   Separated
Questionnaire Instructions

   General

   Your name
   Spouse’s (husband or wife) name
   Co-Applicant who will live in the home
   Household address
   Telephone
   E-Mail
Questionnaire Instructions

   General Continued

   How many members in the Household?
       Adults
       Dependents (Children/Other)

   How many members in your Household over
    18 who are employed?
Questionnaire Instructions

   General Continued
   Answer yes or no for you the applicant, your
    spouse (husband or wife) and co-applicant.
       Are you a U.S. Citizen?
       Are you a legal U.S. resident?
       At the time of your City of Oxnard application, will
        you live in Oxnard?
       Have you owned a home in the last three years?
       Do you have additional income you want
        considered?
Questionnaire Instructions
   General Continued

   Do you have additional income you want considered?

       If Yes, source:
           SSI, Child Support, Spousal Support, etc.
       Amount per month
Questionnaire Instructions

   Employment
   For you, Spouse (husband or wife) or Co-
    Applicant list employment for the last two
    years.
       Employer
       Date hired
       Annual Gross Income
Questionnaire Instructions
   Employment

   Part time employment:
       For students or others
       Counts if you have been working in the position
        for at least two years.
Questionnaire Instructions

   Debt
   Debt are items that are being financed or
    other obligations that you must pay.
   Debt examples:
     Credit cards

     Car payments

     Child support or alimony

     Student loans not in deferment.
Questionnaire Instructions
   Debt
   Example of payments that are not debts:
       Monthly rent
       Utility bills (gas, cable, water, cell phone)
       Vehicle insurance or health insurance
       Private school tuition
       Student loans in deferment
Questionnaire Instructions

   Debt

   Write the name of the creditor
     Best Buy, Visa, Honda


   Your balance
      Amount you owe


   The minimum payment
      Not what you may overpay to bring down the

       balance.
Questionnaire Instructions

   Savings and checking information
   List the institution
       Name of your bank
       Name of your credit union

   Your current balance
Questionnaire Instructions

   Savings and checking information
   List the following
       Savings
       Checking
       IRA, 401K
       Other investments
Questionnaire Receipt
Instructions

   Down Payment
       Is any part of your down payment a gift?
       If yes, how much?
       Who will provide the gift?
Questionnaire Instructions
Reminder

   INCOMPELTE QUESTIONNAIRES WILL NOT
    BE PROCESSED.
General Questions
Thank you for your interest in Vista Urbana.

								
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