RESALE / RENTAL PROGRAM
The City of Davis Affordable Ownership Housing Program offers an opportunity for income-qualified households to purchase a home locally at a below market cost. To qualify for this equal opportunity program, a household’s gross annual income cannot exceed moderate-income levels for Yolo County, calculated at 120% of area median income. Based on the state income data, current maximum area median income (AMI) per household size is shown in the table below.
120% of Area Median Income (2018 state income data):
In order to preserve these affordable housing units for the long term, the City has attached the following deed restrictions to each property:
- All owning members of the household must remain the owner occupants of the home at all times and must live in the home a minimum of twenty-four months before selling it.
- The sales price of the property is restricted to a 3.75% appreciation per year from its original date of sale, compounded annually. Southfield Park is the only exception with appreciation restricted to 5.5% per year.
- The resale of these units is overseen through a City program that matches up affordable units to qualifying households when the owner decides to sell. This program requires 1% of the sales price to be paid to the City or its designee to cover the program costs. As the program administrator, NeighborWorks receives the one percent.
This ownership affordable housing program is an opportunity for income-qualifying families to feel the peace of mind that home ownership brings.