Affordable Housing Huntington Beach

What is the Huntington Beach Inclusionary Housing Program? How does it work? How do I qualify? In this video, I discuss these questions as well as talk about buying and selling affordable housing in Huntington Beach.

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The City of Huntington Beach provides for affordable low, median, or moderate income families through a City-wide Inclusionary Housing Program. Homes become available for purchase by eligible buyers when new developments are built or when existing homeowners decide to sell.

The City records a lien on each affordable home that remains on title for the duration of the affordability period. The lien ensures that the City is able to enforce the Inclusionary Housing Program requirements, including the resale restrictions.

Things to keep in mind when considering low income housing in Huntington Beach

The home must be owner occupied, it may not be rented out.
You must meet the income requirements. Home buyer eligibility is based only on gross household income; net worth is NOT considered.
The city sets the price of the home, you can’t pay more for the home than it’s listed to put your offer in a better position to get accepted.
Home re-sales must be approved by the City. The City also sets the price of the home when you sell, so you are capped on your listing price.
Home mortgage refinances and second liens must be approved by the City
At some point in the future, the inclusionary part falls off. At that time, the home would no longer be considered part of the inclusionary program and the Seller can buy and sell it as they chose with no restrictions.

Buying affordable housing in Huntington Beach

There are certain communities in Huntington Beach that have housing that has been included in the Inclusionary Housing Program of Huntington Beach. In order to be eligible to buy one of these homes, you must meet income requirements set by the City of Huntington Beach. Most homes are restricted to moderate-income buyers; a limited number are restricted to low or median-income buyers.

In order to qualify for the home, not only does the Seller have to accept your offer but the City of Huntington Beach also has to approve you as a Buyer. There are several forms to complete to give to the city along with recent pay stubs and tax forms; occasionally, additional documentation may be required. It’s a lot like going through the pre-approval process.

Selling affordable housing in Huntington Beach

If you are interested in selling your home, you will need to obtain an Inclusionary Housing Program packet from the Office of Business Development. Complete and return the Request for Sales Price Determination.

Your maximum sales price will be calculated, and your property will be added to the list of homes for sale. This packet will include material for the buyer you select. It is your responsibility to work with your Realtor to find an eligible buyer and to direct the buyer to the City of Huntington Beach for approval. When the buyer’s eligibility is confirmed and your negotiated sales price is found to be within the affordable limit, your sale will be approved.

Many people ask if affordable homes can build equity. As with any home, building equity depends on various factors, such as the status of the real estate market. Unlike unrestricted homes, equity growth in affordable homes is not solely market driven and may be limited due to program restrictions.

For more information on the inclusionary program of Huntington Beach, please go to https://www.huntingtonbeachca.gov/bus…

If you have additional questions about buying or selling a home in Huntington Beach, please contact me directly.