975 Florence Lane in Menlo Park
INFORMATION AND UPDATES
Please note that Menlo Park gives preference to LEGACY LIST APPLICANTS who are ranked by application ID. We will be publishing two rankings. The first is a ranking by application ID, which applies to the Legacy List applicants.
All non-legacy list applicants will receive a final ranking with city preferences applied. We will first work through the Legacy list of applicants. If an eligible and qualified buyer is not found on that list, we will then move on to the non-legacy list of ranked applicants.
We will be reviewing legacy waitlist applicants first.
Opportunity Drawing #389
(Buyer Identified)
975 Florence Lane, Unit 8
1 Bed / 1 Bath
approx.560.5 Sq. Ft.
Release Date: 3/21/2023
Restricted Sales Price: $408,949
Monthly HOA: $347.72
Property Designated AMI: 120% - Up to Moderate
Occupancy Standard: Minimum of 1, Maximum of 3
Restriction Term: 55 Years
Property Designated AMI: 120%
Please refer to the ODN (Right) for additional information
Important Deadlines
Date Applicants May Start Entering The Drawing: 3/21/2023
Drawing Entry Deadline: 5/5/2023 by 5:00pm
File Submission Deadline: 5/19/2023 by 5:00 PM PST
THE MINIMUM “INITIAL FILE” FOR REVIEW 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.
Latest Tax Return
Last 30 Days of Paystubs**
Proof of Down Payment Funds
**If you are Self-Employed, submit your last year's Profit and Loss Statement and your Year to Date Profit and Loss Statement (one for each business).
Please Note…Upon timely submission and approval of these initial review documents, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. In order to do so, you can expect to be given a deadline to provide them in order to continue through the process and be considered for the opportunity.
*Anyone that submits a Drawing Entry form after 5:00pm on Friday, May 5th, with ALL Initial File Documents for review will be added to the end of the processing list.
An Initial File without a drawing entry form is null and void.
In addition, you will need to incorporate the following forms into your file if applying for a city preference and/or if you are part of the Purchase Legacy List:
Exhibit E - Menlo Park Preference Confirmation Form 8.9.2022 (all applicants)
Household Displacement Affidavit Form 3.3.2022 (if applicable to your household)
Unhoused Affidavit Form 3.3.2022 (if applicable to your household)
PROGRAM DOCUMENTS - BUYERS MUST REVIEW
These are the documents you will be required to sign if you are selected as the buyer. You are free to hire an attorney to help you understand the program you contractually agree to patriciate 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.
(NAVIGATE THE MAP BY CLICKING AND SCROLLING)
RESOURCES
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 patriciate 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. Updated Documents Coming Soon!
State Income Limits for 2023
https://www.housekeys.org/s/income-limits-2023.pdf
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. See guidelines.
PROGRAM DOCUMENTS - BUYERS MUST REVIEW
These are the documents you will be required to sign if you are selected as the buyer. You are free to hire an attorney to help you understand the program you contractually agree to patriciate 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.
