In 2002, the City of Folsom implemented an Inclusionary Housing Program to increase the amount of affordable housing in the city. There are 100 Affordable Deed Restricted Units (both condominiums and single-family homes) in the city. All currently available Folsom Deed Restricted units can be found on this web page, so please check back frequently for new properties!
If there is a Deed Restricted Unit that you are interested in purchasing, please contact the listing agent for information about that specific unit. Each Deed Restricted Unit has a maximum income threshold that the prospective household needs to meet in order to qualify to purchase the Deed Restricted Unit. The Real Estate listing agent will have that information.
Prospective homebuyers must schedule an Income Certification Appointment using NeighborWorks® Sacramento’s online scheduling system. Prospective buyers are required to provide all requested documentation for the appointment within 24 hours of registration or their appointment will be canceled. Appointments can only be reserved on the NeighborWorks® Sacramento website – we are unable to schedule this appointment through our front desk.
Sign up for a Folsom Income Certification appointment. Next to the Deed Restricted Property listing, there is a button titled “Register for Appointment”. Click on this button and you will be directed to our calendar where you can select an available appointment time. Each property has a limited number of Income Certification Appointments; if there aren’t any available properties, you will not be able to schedule an appointment.
You must provide all requested documentation 24 hours before the appointment or it will be canceled. Contact your Real Estate agent for assistance. Gather and scan all the documents listed below and e-mail them to folsomhousing@nwsac.org. Please submit all of the following documents:
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A homeowner of a Deed Restricted Unit may be eligible to rent their home. The homeowner must contact the City of Folsom to find out if they are allowed to rent out their unit – this is determined by the type of assistance that was received from the City of Folsom. If the homeowner is permitted to rent their unit, they must locate a renter whose income is equal to or less than their designation for their Deed Restricted Unit. The City of Folsom must be contacted to start the rental process. Once the homeowner finds a potential renter, the potential renter needs to contact NeighborWorks® Sacramento to schedule an income certification appointment. This can only be scheduled over the phone or in person at NeighborWorks® Sacramento, online sign up isn’t available for rental income certification appointments. For more information regarding renting a Deed Restricted Unit, please review the Program Guidelines for this program.
Required Paperwork for the Rental Income Certification:
This condo is being sold by the original owner, cute and well maintained. 2 bedrooms with 2 bathrooms with a one car attached garage. Fireplace in family room giving this space a cozy feeling. All living space is located upstairs. Union Square condo community located in Folsom is centrally located close to freeway, schools and …
$ 186,100.00
This Condominium is part of the Affordable Housing Unit that is for income-qualified purchasers that must be below 80% Area Median Income. In order to purchase this 1 Bedroom/1 Bathroom condo you must schedule an income certification appointment. Please go to the calendar page of NeighborWorks Sacramento’s website and look for Folsom Income Certification appointments. If …
Click on the Question to or the “+” sign to reveal the answer.
The Inclusionary Housing Ordinance of Folsom gives the opportunity of home ownership to those people who earn incomes at or below “very low income”, “low income”, and “moderate income”, as published by the Department of Housing and Urban Development.
No, this program is available to all lenders who are licensed with NMLS and are a business in good standing with the State of California. The City of Folsom does not maintain a list of approved lenders.
No. The buyer of the Affordable Deed Restricted Unit is required to be owner-occupant; a non-occupying co-signer or co-borrower will not be allowed to participate in the purchase of the Affordable Deed Restricted Unit.
Yes, the program does not restrict the use of gift funds for the purchase of the Affordable Deed Restricted Unit. The buyer’s family members would be required to provide a gift letter with proof of sufficient funds to make the purchase.
No. Buyers of these units are required to remain as owner occupants. Therefore, purchase of an Affordable Deed Restricted Unit for investment or rental purposes is not allowed and is strictly forbidden.
Interested buyers that are self-employed will be required to provide a Profit & Loss Statement prepared by a Certified Public Account. The City of Folsom will not accept self-prepared Profit & Loss Statements. The gross income less the allowable deductible expenses (as determined by a tax professional) is what will be used for determining monthly income for those who are self-employed.
To calculate a seasonal worker’s income, we will use the previous 2 years' tax returns and a current Year-to-Date Profit and Loss Statement to calculate self-employment income.
Students are eligible as long as the student falls under the income limits for the program. If the student currently receives no income, additional documentation will need to be provided to prove the student receives no other subsidy or financial support – ie: statements from IRS, EDD, Dept. Human Services, etc.
Yes. However, the total retirement funds available will be added to the total liquid assets and for the income certification and .06% of the total assets will be calculated and added to the total household income calculation.
It depends. The mortgage lender you are applying with would determine if you are able to obtain a refinance. The City of Folsom’s program guidelines do no prohibit existing owners of Affordable Deed Restricted Units, that do not have a loan with the City of Folsom, from being able to refinance.
The same restrictions for selling and renting an Affordable Deed Restricted Units would apply. If an heir wants to occupy the unit as their new residence, they would be permitted to do so but would be required to notify the City of Folsom and provide proof of their rights as the surviving heir.
A homeowner who participated in the Inclusionary Housing Program decides to rent their unit.
The homeowner interested in renting their home will contact the City of Folsom and notify them of their intent. The City of Folsom will determine whether or not the unit is eligible to be rented (based on certain loan status and occupancy requirements) and if so, set the rental price for the affordable unit. The homeowner then locates a potential renter and refers the prospective renter to NeighborWorks® Sacramento to schedule an income certification appointment. NeighborWorks® Sacramento will conduct an income eligibility session and determine the prospective renter’s income level. The prospective renter will be provided with a letter indicating their income level. At the conclusion of this appointment, the letter will be provided to the prospective renter and a copy sent to the City of Folsom. To schedule a Folsom Rental Income Certification, call NeighborWorks® Sacramento at (916) 452-5356 ext. 0, be sure to let them know this is for a rental income certification.
Each income certification appointment costs $75.00. The City of Folsom will pay the fee for the first potential renter per property who attends an eligibility determination session. Any subsequent appointments will be paid for by the homeowner or renter, to be determined by those two parties.
We have to review a great deal of information, so please allow for the appointments to take 2 hours.
During your housing counseling appointment, the NeighborWorks® HomeOwnership Planner will calculate your income to determine program eligibility. The income eligibility chart on the NeighborWorks® Sacramento website will help guide you in determining if you meet income certification guidelines. Note: Income is counted from every source for member of the household over 18.
The certification is valid for 1 year of occupancy in an Affordable Deed Restricted Unit. Renters are required to re-certify on an annual basis by following the same steps as an initial certification. Recertification appointments cost $75.00 to be paid by the homeowner or renter, determined by those two parties.
Note: All sources of income are counted for all household members over 18.
| Family Size 2018 | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
|
Very Low Income |
$28,050
|
$32,050
|
$36,050
|
$40,050
|
$43,300
|
$46,500
|
$49,700
|
$52,900
|
|
Low
80% Income Limits (AMI) |
$44,900
|
$51,300
|
$57,700
|
$64,100
|
$69,250
|
$74,400
|
$79,500
|
$84,650
|
(Current as of June 25, 2018)
NOTE: Gross Rent – Utility Allowance = Net Rent
HomeOwnership Center
2411 Alhambra Blvd., Ste. 200
Sacramento, CA 95817
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