Enjoying Affordable Housing in Capitola,California

Are you looking for an affordable home in the beautiful city of Capitola?  If so, you will be thrilled to hear about what is taking place inside the Beach Villas condominium complex located on 41st Avenue.

The complex, which will be completed this fall, includes eight units that are set at a fixed price.  The purpose of fixing the price is to make certain the prices remain low and affordable to Capitola residents that may not be able to afford a more expensive home.  In fact, in order to qualify to purchase one of the one-bedroom condominiums or studios, couples cannot make more than $78,100 per year and individuals cannot make more than $68,300 per year.

To help even further, the city of Capitola is also able to offer first time homebuyers with loans of up to $60,000 to help them purchase one of the condos or studios.  Considering the new units are within easy walking distance of shopping, bus lines and even a movie theater, this is quite a bargain.  These homes are also appealing to the eco-friendly homebuyer, as you can virtually eliminate the need for a vehicle – even the beach can easily be reached by bicycle.

In order to provide potential homebuyers with such a great deal, half of the loan amount the city is offering is provided through a state grant called Building Equity and Growth in Neighborhoods (BEGIN).  The other half is being provided through the state’s affordable housing programs.  The state will also monitor these homes in order to make certain the prices stay low even if they are sold at a later date.

“These eight units are permanently affordable, which means there are restrictions on their resale,” said David Foster, director of housing and redevelopment for Capitola.  “Future buyers have to be income eligible and the sale price will be set by a formula.  You won’t be able to sell on the open market, but it’s a great buy if you want to live there.”

While the real estate values in Capitola are generally much higher, one can purchase reasonably price condominiums in the Capitola Shores complex nearby. These units have a pool and are listed at great rates. Homes typically start around $600,000 in Capitola.

Another nearby complex for those looking for an inexpensive beach getaway to consider is called Capitol Knolls Condominiums, which is near New Brighton Beach. Follow the link if you want more information on these inexpensive, beach home worthy condominiums. Better yet, get an oceanview condominium.

If you want some help in finding the best home values including short sale and foreclosure homes in Santa Cruz County, give me a call at 831-818-7524

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