What is a Seller’s Statement?
If the property being purchased was a rental property, a Seller’s Statement is required to declare that no individual was evicted before the sale.
Archives: FAQs
What is the expected turn-around time?
The expected turn-around time is 30-45 days.
Are condominiums allowed for the loan?
Yes
Are realtors or lenders required to complete a course?
No, there is no course requirement for realtors or lenders.
Does the program have a lender list?
No, we will work with any lenders who meet our requirements, outlined in the program application.
Is the City a silent second loan?
Yes
When is payment of the loan due?
Payment is due as a lump-sum at the end of 45 years or when the property is transferred to another party. We do not accept monthly payments. If the property is refinanced and the equity is cashed-out, we require payment of the loan in full at that time.
Can I sell or rent my ADU?
ADUs may be rented separately from the primary residence, but shall not be used as a short-term vacation rental. An ADU may only be sold separately from the primary building on the lot if the primary building and the ADU were built or developed by a qualified non-profit corporation in accordance with Government Code Section … Continued
How large does my property have to be to build an ADU?
There is no minimum lot size requirement to develop an ADU as long as the proposed unit complies with all applicable standards.
Can I build a two story ADU?
Attached ADUs may be built up to the same height permitted in the underlying zoning district for the primary building. Detached ADUs may be built up to two stories not exceeding 20 feet in height. Conversion of an existing accessory structure or a portion of the existing primary residence to an ADU is not subject … Continued