Morrison Homes has announced that a few below-market rate homes at Atwood III/Lariat Ranch, located near Atwood Road and Richardson Drive in Auburn, will be back on the market for homebuyers with lower incomes. The Placer County Redevelopment Agency is working with Morrison Homes to notify potential homebuyers who meet program requirements for income and household size. Notices and pre-applications have been sent to potential homebuyers on the agency’s mailing list.
The housing development known as Atwood Ranch III/Lariat Ranch consists of 143 single-family homes, with up to five homes still available at below-market price. The 1,200-square-foot, three-bedroom, two-bath single-family detached homes will sell for $180,507. The homes will be completed and ready for occupancy in April-May 2008.
In order to be eligible to purchase a below-market-price home, applicants must be able to prove they meet the income guidelines established for the program. They must also be able to pay a minimum of three percent down from their own money and pay closing costs. For that reason, the county is accepting the pre-applications and will determine whether applicants meet federally-mandated income guidelines prior to passing the applications on to Morrison Homes, which is selling the homes.
The Redevelopment Agency will process the pre-applications on a first-come, first-served basis. The deadline is April 18, 2008. So far, 10 of the 15 homes have been sold to qualified buyers, other potential buyers are in the process of qualifications. However, other pre-applications are being sought.
“This is an excellent opportunity to make homeownership available to lower-income households in Placer County,” said Jim Holmes, District 3 Supervisor, Placer County. “In 2004, the Board of Supervisors approved this development with the requirement that it includes affordable housing and now we’re seeing this foresight come to fruition. It will also help enrollment in our local schools.”
To qualify to purchase one of the homes, a household needs to include three to seven persons and fall within certain income ranges. For example, a four-person household’s annual income cannot exceed $56,800, or 80 percent of the 2008 area median income of $71,000. A homebuyer must provide a minimum 3 percent down payment of approximately $5,400, plus closing costs. These homes will be deed-restricted for 20 years, thus making affordable housing available even after resale.