COMING SOON - Victoria Crossing
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 #TBD
1 Unit - Studio - 2475 Victoria Ave #206
Approx. 500 Sq Ft
Sales Price: $133,800
Solar: N/A
Monthly HOA: $343.94*
Homeowners Insurance: $350.47*
2 Units - 1 Bedroom - 2475 VIctoria Ave# 208 and 308
Approx. 813 Sq Ft
Sales Price: $152,850
Solar: N/A
Monthly HOA: $425.57*
Homeowners Insurance: $350.47*
*Cost are approximate
All Units Designated for Very Low Income
Occupancy Standard: Household Minimum __, Maximum ___ people
Resale Restriction Terms: TBD Years (Review the documents, see link above)
Please refer to the ODN (Right) for additional information
Important Deadlines
Drawing Entry Deadline: 4/18/2025 by 5 PM
Ranking results will be published approx. 4/27/2025
File Submission Deadline: 5/8/2025 by 5:00 PM
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.
