Union Villas

INFORMATION & ANNOUNCEMENTS

Please review Exhibit E to ensure you follow its instructions to claim a preference; deadlines and action items apply.  Please review this form completely. Please find the NEW City Preferences Form HERE.

Program Documents & Disclosures

Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust

This program requires you to sign a Restriction Agreement with a TBD-year term.

Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.

OPPORTUNITY DRAWING #665

521 Union Ave, Campbell, 95008

2 Bedrooms / 3 Bathrooms

Approx. 1330 Sq Ft

Sales Price: $501,738

Monthly HOA: $373.62

Property Designated Income Category: Up to Moderate

Resale Restriction Terms: 45 Years (Review the documents)

Please refer to the ODN (Right) for additional information

Important Deadlines

Start Entering Drawing on: 2/21/2025

Drawing Entry Deadline: 3/7/2025 5pm

Initial Items Due by 3/7/2025 5pm (Due from everyone: Homebuyer Application and Loan Pre-qualification Letter)

Select and Confirm your City Preferences by 3/7/2025 5pm

Drawing Results Approx: 3/12/2025

File Submission Deadline: 3/20/2025 5:00pm ADDITIONAL ITEMS DUE Final Ranking #1-100 (Batch 1)  Final Ranking numbers above 100 (e.g. Batch #2, #3) will be assigned a file submission deadline separately IF backups applicant files are needed.  Please be ready.

City Preferences

Note: The Final Ranking number is subject to change after preferences are verified. Applicants cannot adjust their City Preference Tiers after the Drawing Entry Deadline. Preference Tier adjustments or corrections by the applicant after the Drawing Entry Deadline will not be considered.

RESOURCES

Property Location

Please do not visit the construction site for safety reasons. Viewings are by appointment only for final candidates.