Oak Grove by Summerhill Homes
information & announcements
The 5.94-acre project site consists of eight parcels and is located at 2740 Jones Road, southeast of the intersection of Interstate 680 and Treat Boulevard, within unincorporated Contra Costa County and adjacent to the City of Walnut Creek. The proposed project includes rezoning the project site from Multiple-Family Residential and Single-Family Residential to a Planned Unit District.
Program Documents: Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you, as the owner, are still occupying the property. Renting the property will breach program requirements disqualifying you from the program.
Guidelines - Oak Grove
opportunity drawing #543
(2) 3 Bedroom / 2 Bath
HOA: $359.00
Approx. 1,362 Sq. Ft.
Sales Price: $534,026
EST. PROPERTY TAXES - $566.11 / MO ($6,793.31 ANNUALLY)
(2) 4 Bedroom / 2 Bath
HOA: $359.00
Approx. 1,522 Sq. Ft.
Sales Price: $597,391
EST. PROPERTY TAXES - $622.28 / MO ($7,467.39 ANNUALLY)
Other Non-Mortgage Costs for all units:
SOLAR - INCLUDED IN THE PURCHASE PRICE
ADDITIONAL SUPPLEMENTAL TAX: $94.82 / MONTH
HOMEOWNERS INSURANCE - HO6 (EST. $60)
ADDITIONAL CFD* COSTS: $641.51 / MONTH
Property Designated AMI: 120% - Up to Moderate
Important Deadlines
Date Applicants May Start Entering The Drawing: 1/19/2024
Drawing Entry Deadline: 3/5/2024 by 5:00 PM
File Submission Deadline: 4/17/2024 by 5:00 PM
*[What is a Community Facilities District (CFD)? A CFD is a Special Tax District provided in State Law that funds the installation of public improvements or ongoing services within an identified area. A special tax is levied on taxable property within the district boundaries.]
Note: The Final Ranking number is subject to change after preferences are verified.
RESOURCES
State Income Limits for 2023
How to get started and prepare a file: https://www.housekeys.org/buyerfile
This program is for households that meet the “first-time home buyer” definition for the program; have not owned a home in the last 3 years.
THE MINIMUM “INITIAL FILE” FOR Drawing Entry and ranking IS COMPRISED OF THE FOLLOWING DOCUMENTS…
HouseKeys Program Application
Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.
Please Note…Once ranked, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE once you are contacted for further review. You will then be given a deadline to provide them in order to continue through the process and be considered for the opportunity.
Applicants selected to purchase one of these homes must remain qualified for their financing and eligible for the program throughout the application process until they close escrow and get the keys.
