AFFORDABLE HOUSING AT THE RIDGE IN MISSION VIE JO
Priority Registration begins January 22nd at 10 am - www.TheRidgeAffordable.com
Have you always dreamed of owning your own home?
Your dream may just come true. The Ridge in Mission Viejo is offering 22 affordable homes with approximately 924 - 931 sq. ft., 1-bedroom and 1.5 baths. Of the 22 homes,17 will be sold to qualified and eligible Very Low Income Households and 5 sold to qualified and eligible Low Income Households.
Priority will be based on the date and time you register. Two lists will then be created based on:
• Primary List: residents or persons living and/or working within the city limits of the City of Mission Viejo for a minimum of six months. • Secondary List: other interested homebuyers that do not meet the requirements of the Primary List. • The Primary List will be exhausted before using the Secondary List.
Affordable Housing locations are highlighted in black.
2010 Income Guidelines Number of Persons in Household/ Median Income (100% AMI) Very-Low Income (below 50% AMI) Low Income (below 80% AMI)
1 $61,050 $32,550 $52,050
2 $69,750 $37,200 $59,450
3 $78,500 $41,850 $66,900
4 $87,200 $46,450 $74,300
Amounts shown above reflect the 2010 household income limits, which are increased for larger household sizes pursuant to household income limits published by the State of California, Department of Housing and Community Development (“HCD”) pursuant to Health and Safety Code Section 50052.5 and other applicable laws and regulations. Income limits for Orange County are established pursuant to Section 6932 of Title 25 of the California Code of Regulations: Income category limits and area median income limits (“AMI”) shown are also subject to annual revision, as HCD publishes revised income limits. Within each Phase of The Ridge development and based on timing of annual data issued by HCD, subsequent sales prices for Affordable Units may be adjusted by Lennar based on such HCD annual income updates/adjustments.
The Ridge is currently under construction. Only select floorplans from The Ridge are available for purchase through the Affordable Housing Program. The Affordable Housing Program is administered by Lennar with oversight by the City of Mission Viejo. To qualify, buyer must meet program criteria, income limitation requirements as established by the California Department of Housing and Community Development (“HCD”) guidelines and is subject to resale restrictions. Affordable Homeownership Program income limits may be revised and home prices, which are set based on variable factors, may also be revised. Each qualified and selected Homebuyer must sign a Promissory Note, Deed of Trust, the CDA Homebuyer Loan Agreement and other documents related thereto (Affordable Homebuyer Loan Agreement, Notice of Affordability Restrictions on Transfer of Property, etc.) in favor of the Community Development Agency of the City of Mission Viejo (“CDA”) that will make certain that the each Affordable Unit will be sold and resold at an Affordable Housing Cost for owner-occupancy by qualified and eligible Very Low Income and Low Income Household for a period of 45 years from the date of first sale. Employees of Lennar, its general contractor, any subcontractor(s), and their families are NOT eligible to purchase affordable units. Stated dimensions and square footage are approximate and should not be used as representation of the home’s precise or actual size. The builder reserves the rights in its sole discretion to make changes or modifications to maps, plans, specifications, materials, features and colors without notice. All maps, plans, landscaping and elevations renderings are conceptual in nature and are merely an artist’s rendition and are not to scale. Lennar Homes of California, Inc. – License# 728102. Lennar Sales Corp. – DRE License# 01252753. © 2010 Lennar Corporation. Lennar® and the Lennar® logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. 1/11
