Permanently Affordable Homes in Nevada City Cohousing

Nevada City Cohousing will include five permanently affordable units, which are reserved for moderate-income households. Preliminary sale price estimates for one of these 2-bedroom units is $255,000, a $20,000 discount from the least expensive non-deed restricted homes. These will be the most affordable new homes in Nevada City (The average sales price of a single-family home in Nevada City in 2003 was $483,995.)

In order to qualify to purchase one of these homes, your income must be below the maximum household incomes listed below. You may currently own a home, but will need to sell it before buying into the cohousing community.

Income Qualifying Criteria:

• Income must be less than 120% of Median Family Income for Nevada County per the State Department of Housing and Community Development, differentiated for household size.
  
  

  1-person household	$53,400
  2-person household	$61,050
  3-person household	$68,650
  4-person household	$76,300

• Income is calculated as total earned gross income.
• Income based on assets is calculated as the actual amount of interest earned each month OR 2% of total assets - whichever is greater.
• Buyer may not own another home at the time of transfer of the above real property.

These homes will be "deed restricted" in that future resale prices are caped based on several economic factors in order to maintain their affordability for future buyers. Future buyers must also have qualifying incomes (adjusted for the increase in incomes in the County) . Buyers will still build equity in their homes and have all the other benefits of home ownership. Nevada City Cohousing is also exploring the formation of a downpayment assistance fund. If you are interested in living in a beautiful cohousing community in Nevada City and think you might qualify under these requirements, we urge you to come find out more by contacting Carlyle at (530) 265-2606.