San Luis Obispo county provides a lot of incentives for developers if they commit to reserving at least 20% of the new homes for low income families or senior citizens. These incentives include relaxed parking standards, and less fees are charged for reviewing the building plans..
These homes are sold at a lower price than the other units in the development. There are income limits, and other requirements. In today’s market, however, purchasing a home is easier than it was a few years ago. With house prices being lower, the down payment is lower. Interest rates are also very low, so monthly payments are more affordable.
If you decide to purchase one of these homes, make sure that you are aware of how the transaction would go if you were to sell. In some cases, they put a limit on the amount that the seller can earn from the sale of their house, due to an increase in market value. If you plan on living somewhere for a long time, wouldn’t you want to collect the full return on your investment? However, if it is a planned temporary living situation to get into the housing market as an owner, this program can definitely help with your first home purchase.