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Published on 06/05/1995 All articles from this issue

Potential buyers are encouraged to apply for affordable housing in Los Altos

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Community Housing Developers (CHD) is working with the city of Los Altos to seek qualified buyers for affordable housing in three local developments. Private developers are involved in this program to provide a limited number of homes for qualifying families at prices substantially below market value.

The purpose, CHD officials say, is to ensure that adequate housing is available to families of all income levels.

"We are currently looking for buyers for the last two-bedroom home at Classics on the Circle," said Thom McCue, who is coordinating the Los Altos program for CHD. "This detached single family home is priced at $197,000. We are also seeking back-up buyers for the one-bedroom and studio units at Chartwell and Plaza Second, two other developments."

Classics on the Circle has eight of its 39 homes designated for affordable housing. The development is located on the corner of San Antonio Road and Chester Circle in Los Altos. Half the affordable units are two-bedroom, and half are three-bedroom homes.

All are single-family detached homes of high-quality construction consistent with surrounding neighborhoods. The homes are two stories with garage and electric opener, dishwasher, gas hear and range, clothes washer and dryer, two full bathroom, and landscaping. The three-bedroom homes have a private yard, while the two-bedrooms homes have a private deck.

Chartwell is a 27-unit condominium development under construction at 44 Third St. in downtown Los Altos. Two one-bedroom units have been reserved for moderate income buyers. Amenities include secure underground parking, a private balcony, dishwasher, electic garage door opener, hook-ups for clothes washer and dryer, insulated wood windows, and treated cedar shingle exteriors.

Plaza Second has a 400-square-foot studio unit available for a low-income buyer. This is a four-unit townhouse-style development currently under construction at 130 Second St. in downtown Los Altos. Amenities include a built-in kitchen with gas range, refrigerator, insulated windows, designated separated sleeping area, wrought iron railings, decorator coordinated interior, a reserved parking space, extensive landscaping and an outdoor fountain.

"We do have potential buyers for Cartwell and Plaza Second," McCue said. "But some units may become available if the buyers fail to qualify for financing or to meet other program requirements. This is why we are still seeking applicants for these homes."

Under the Los Altos affordable program, CHD maintains a list of households interested in qualifying to purchase a home based on income. The organization acts as a consultant to the city and does not represent either buyer or seller.

Applications for a given unit are rated and ranked according to established criteria, with priority going to seniors, to salaried Los Altos city or public school district employees, to single heads of households, to people with physical disabilities, to households forced to relocate because of city council activity and to people whose parents or children live in Los Altos.

"Selling prices are set at a level that is affordable for low- and moderate-income households," McCue said. "This will take into account the costs of mortgage payments, property taxes, insurance and any homeowners' association dues."

To ensure affordability for future buyers, a deed restriction is placed on all homes in the program. Within this restriction, the resale proce is set according to formula based on median-income levels in Santa Clara County. If median income rises 10 percent, then the resale value of the home will rise by the same percentage.

The value of substantial additions or upgrades to the property will be added to this price, and the cost of substantial damage will be subtracted.

Community Housing Developers is a private, tax-exempt, non-profit housing provider dedicated to increasing and maintaining the supply of quality affordable housing for low-income people in Santa Clara County. Since, 1979, CHD has produced and acquired more than 500 housing units and assisted more than 1,000 families, making it the county's primary non-profit housing developer.

For more information about qualifying for the affordable housing program, call CHD at (408) 279-7676.