Oak Grove by Summerhill Homes
Apply Now! First File First Serve!
4 Bedroom Homes Still Available.
SEE THE OPPORTUNITY DRAWING NOTICE FOR DETAILS, INSTRUCTIONS and list of units
Join us for our Open House.
Come see our newly staged 4-bedroom home
When: Saturday, November 23, 2024
Time: 11 am -3 pm
Where: 2740 Jones Rd Walnut Creek, CA 94596 (4 bedroom unit)
*If you are unable to attend and would like to view, please contact the site team to schedule an appointment.
Phone: 866-220-1875
Please note that they are not Housekeys’ staff and would not be expected to answer program specific questions.
Please reach to us directly for any program questions.
Email: customerservice@housekeys.org
Phone: 1-877-460-5397
The 5.94-acre project site consists of eight parcels and is located at 2740 Jones Road, southeast of the intersection of Interstate 680 and Treat Boulevard, within unincorporated Contra Costa County and adjacent to the City of Walnut Creek. The proposed project includes rezoning the project site from Multiple-Family Residential and Single-Family Residential to a Planned Unit District.
PROGRAM DOCUMENTS & DISCLOSURES
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement.
Resale Restriction Terms: Restriction terminates at resale; Equity Share. The household must agree to occupy the Inclusionary Unit as their primary residence for at least 3 years and comply with the terms of their recorded Resale Restriction Agreement.
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 #543
(3) 4 Bedroom / 2 Bath
2740 Jones Road
2776 Jones Road
166 Oak Circle
HOA: $359.00
Approx. 1,522 Sq. Ft.
Sales Price: $597,391
EST. PROPERTY TAXES - $546.07 / MO ($6,552.78 ANNUALLY)
Other Non-Mortgage Costs for all units:
Solar Requirements: Solar is NOT included in the purchase price; sold separately.
Solar Cost (approx.):
Plan 3 (4-bedroom) $9,490
Solar Lease Option per month (approx.):
4-bedroom lease $93 - $110
ADDITIONAL TAX ASSESSMENT: $112.69 / MONTH
HOMEOWNERS INSURANCE - HO6 (EST. $60)
ADDITIONAL CFD* COSTS: $53.46 ($641.51 Annually)
Property Designated AMI: 120% - Up to Moderate
Important Deadlines
Initial Drawing Release Date: 1/19/2024
Re-opening on: 8/23/2024 - Open until all units listed on the Notice (ODN) are filled.
FIRST File FIRST SERVED - SEE the OPPORTUNITY DRAWING NOTICE FOR DETAILS AND INSTRUCTIONS
Ranking Numbers from previous releases are no longer valid. If you entered the drawing you don’t need to enter again; however, you must follow the instructions and submit the documents as noted on the Opportunity Drawing Notice (2nd Release) for consideration. Applicants who opted out can submit to participate as a First File First Serve by following the process.
*[What is a Community Facilities District (CFD)? A CFD is a Special Tax District provided in State Law that funds the installation of public improvements or ongoing services within an identified area. A special tax is levied on taxable property within the district boundaries.]
RESOURCES
How-to and Informational Videos
How to get started and prepare a file
Register for HUD Approved 1st Time Homebuyer course
Complete (Full) File Document Checklist
Lender List and Forms: Click Here
Applicants selected to purchase one of these homes must remain qualified for their financing and eligible for the program throughout the application process until they close escrow and get the keys.
