The 9 At Righetti

information and annoucements

Single-level Living COndo style Units

You can use any approved lender/loan officer for San Luis Obispo, but the builder’s preferred loan officer is

Donna Lewis at Rate - Branch Manager/SVP of Mortgage Lending - NMLS: 245945

Apply at www.rate.com/teamslo

If you wish to use another approved lender, please refer to the list below.

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 #611

Plan A - 5 Units - 2 Bed / 2 Bath

  • Restricted Sales Price: $474,775

Plan B - 4 Units - 2 Bed / 2 Bath

  • Restricted Sales Price: $474,775

Approx. 940 - 1,184 Sq Ft

All Units Property Designated AMI: Up to Moderate

Occupancy Standard: No min or Max, however, owners must occupy the property

Resale Restriction Terms: 45 Years (Review the documents )

Please refer to the ODN (Right) for additional information

Important Deadlines

Start Entering Drawing on: 2/7/2025

Drawing Entry Deadline: 3/6/2025 5:00 pm

Initial Items Due by 3/6/2025 5 PM (Due from everyone: Homebuyer Application and Loan Pre-qualification Letter)

Review, Select and Confirm your City Preferences by 3/6/2025 5pm

Ranking results will be published approx. 3/11/2025

File Submission Deadline: 3/27/2025 by 5:00 PM - ADDITIONAL ITEMS DUE from EVERYONE. See the Opportunity Drawing Notice.

City Preferences

Note: The Final Ranking number is subject to change after preferences are verified. Applicants cannot adjust their City Preference Tiers after the Drawing Entry Deadline. Preference Tier adjustments or corrections by the applicant after the Drawing Entry Deadline will not be considered.

HouseKeys

HouseKeys is an Affordable Housing Program Administrator who works alongside cities and builders to provide affordable housing opportunities to income-eligible households.