Owners looking to refinance or sell unit must place a request with the City of Thousand Oaks in writing. Not all programs have the same requirements, so it is important for owners to review their documents prior to making any kind of decision or request.
Paying Off Loan
Loan borrowers may request to payoff loan prior to end of term. Depending on terms on Note and Agency may take a share of the equity.
Subordination
Loan borrowers may request a Subordination Agreement. The City will consider subordination application only if refinance is to lower rate or lower term.
Resale Controlled Units
The City has placed and monitors an affordable restricts on resale controlled units. These units were developed prior to 2000 and have different restrictions from the units above. Properties on this list may not be available for sale at this time. Qualification to purchase unit is based upon buyer’s income and household size. For owner requesting to sell units see, resale controlled outline for more information.
Affordable units built after 2000 are sold below market price to low-income households. The City of Thousand Oaks may own and resell these units with restrictions that limit resale prices and potential equity growth. Each project has specific requirements.
Upon availability please read through each project's resale restrictions in order to determine if this program is for you. All affordable units are offered to households that meet the income limitations through a lottery process.
Developments
No units available at this time.
City/Agency Owned Homes
No units available at this time.
Maximum Sale Price Units
The City has placed and monitors an affordable price restriction for units developed after 2000 with maixumum sales priced units. Properties on this list may not be for sale at this time. For owners requesting to sell unit, see maximum sale price outline for more information.
The Mortgage Credit Certificate Program (MCC) is a Federal income Tax Credit program. It increases the loan amount a person can qualify for by providing a credit that can be used to reduce their tax liability, thus increasing net earnings. It is a great help in qualifying for your first home mortgage. For further information about the MCC program, and other CalHFA loan program call (877) 922-5432 or www.calhfa.ca.gov.
The City of Thousand Oaks, through its Affordable Housing Program, places owner occupancy restrictions on units that receive City's assistance. By completing an exemption application, an owner who is subject to the Owner Occupancy requirement may request a temporary exemption due to hardship.