Resale - 1075 ELLA ST
Program Documents & Disclosures
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement with a 45-year term.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.
OPPORTUNITY DRAWING #684
1 Bedrooms / 1 Bathrooms
Approx. 835 Sq Ft
Restricted Sales Price: $421,925
Monthly HOA: $450
H06 Insurance Required
Property Designated Income Category: Moderate
Resale Restriction Terms: 45 Years (Review the documents on this page)
Please refer to the ODN (Right) for additional information
Important Deadlines
Start Entering Drawing on: 3/7/2025
Drawing Entry Deadline: 3/20/2025 at 5:00 pm
Initial Items Due by 3/20/2025 at 5 PM (Initial Items due from everyone, please see the Opportunity Drawing Notice for details)
Select and Confirm your City Preferences by 3/20/2025 at 5 PM
Ranking results will be published approx. 3/26/2025
File Submission Deadline: 4/3/2025 This applies to everyone that enters the drawing.
City Preferences
Applicants must select the City Preferences by the Drawing Entry deadline and submit proof they meet them by the File Submission Deadline. The Final Ranking number is subject to change after preferences are verified. Applicants cannot adjust their City Preference Tiers/Points after the Drawing Entry Deadline. Preference Tiers/Point adjustments or corrections by the applicant after the Drawing Entry Deadline will not be considered. The Preference will be invalidated if supporting documents are not submitted on time or if insufficient proof is submitted.
RESOURCES
Register for HUD Approved 1st Time Homebuyer course
Property Location
Please do not disturb the owners. See Open House Details. After the open house, viewings are by appointment only for final candidates.
