Downtown San Diego Real Estate : Homes, Condos, Town homes, Lofts, Penthouses and Downtown San Diego Commercial Real Estate and Rentals
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Downtown San Diego Real Estate
SPECIAL MORTGAGE FINANCING
Special Downtown San Diego Real Estate loan programs, to help assist potential property owners and business owners, and encourage living opportunities on Downtown San Diego Real Estate, the CCDC has created three loan programs:
1 Focus on: Downtown San Diego Real Estate:
For Commercial and Business Owners of Downtown San Diego Real Estate.
2 First Time Home Buyer Program: Downtown San Diego Real Estate.
For Potential First Time Downtown San Diego Real Estate buyers.
3 CalReUse Program:
For Commercial Downtown San Diego Real Estate owners and Developers to be able to assess contamination costs of Commercial properties on Downtown San Diego Real Estate.
Descriptions of these Programs:
1 Focus on Downtown San Diego Real Estate:
'Faηade Improvement Program' to aid property and business owners in rehabilitating the commercial facades of their properties in the Downtown San Diego Real Estate Neighborhoods for the purpose of creating a positive visual impact, stimulating private investment, and complementing other community revitalization efforts. Participants are eligible to receive a rehabilitation rebate upon the completion of their project. In addition, participants are eligible for up to ten hours of free design assistance to help in planning their project. The program operates in coordination with the City of San Diego's Storefront Improvement Program (SIP), which is administered by the City's Office of Small Business. Summary of program guidelines and requirements:
Participants: Meaning Property owners and Business owners/tenants lessees, with written authorization of the property owner, may be eligible to participate in the program. However, the following types of projects are specifically excluded: Construction, National Franchises,
Government offices and Agencies, properties entirely in residential use and projects that are inconsistent with the goals of CCDC, the redevelopment plan and the community plan.
Properties located on Downtown San Diego Real Estate within the redevelopment project areas are eligible for participation in the program.
Design Assistance: Participants may receive up to 10 hours of design assistance/architectural services at no cost. Program architects and designers are under contract through the SIP. Participants will be charged for additional hours at the City's contract rate.
Terms: The program provides participants the opportunity to receive a rehabilitation rebate, upon completion of their facade renovation project, up to the following amounts: Property Owners (Single Storefront) $ 5,000, Property Owners (Multiple Storefronts) $10,000, and,
Business Lessees $ 5,000. All rebates are based on a formula whereby participants receive a rebate of $1 for each $3 spent on the project up to the appropriate maximum rebate. For example, a participant that spends $15,000 in approved costs on their project will receive a rebate of $5,000. An historic property incentive is available which increases the maximum rebate amount by $2,500. This incentive can be applied once per property with preference given to the property owner. To be eligible for the historic property incentive, the subject property must be designated as a historic site by the City of San Diego Historic Resources Board. The rebate is limited to a maximum of $22,500 per property. ($20,000 plus $2,500 historic rebate incentive). Deposit: Participants will be required to provide a $250 deposit to be due prior to the initial design meeting. If the participant, completes the project, this deposit is refunded. If the participant does not complete the project, the deposit is forfeited and used to defray the costs associated with the provision of architectural services. General Conditions: Funds are limited and participation is subject to funding availability. Project must provide a comprehensive Facade Improvement; ie: include several eligible elements of improvement. Participants must have a "Notice to Proceed" from CCDC "prior" to commencing work on their project. Participants will be responsible for managing the construction of their project, including obtaining bids, selecting a licensed contractor, obtaining all necessary approvals and permits, and overseeing work of contractor. The subject property must have no outstanding code violations, or address/correct outstanding code violations as part of the project. Projects must be completed within one year. Eligible Improvements: In general, improvements that contribute to the visual enhancement of the property as viewed from the public right of way may be eligible. Examples of eligible improvements include painting, lighting, windows, doors, tile, storefronts, signage, canopies and awnings. Ineligible Improvements: Roofs, non-permanent fixtures, security systems, personal property, interior window coverings, equipment, and any improvements not visible from the public right of way are not eligible, nor are improvements deemed to be inconsistent with redevelopment objectives. For more information or to request an application, please contact: Jeff Zinner, Project Manager, Centre City Development Corporation 225 Broadway, Ste. 1100 San Diego, CA 92101
Phone (619) 533 - 7122 Fax (619) 236 - 9148 email zinner@ccdc.com
Important:
If your property is not located within the Downtown redevelopment areas, you may still be eligible to participate in the City of San Diego's Storefront Improvement Program.
Please contact the City of San Diego's Office of Small Business at (619) 685 - 1390.
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2 Downtown First-Time Homebuyer Program: For Downtown San Diego Real Estate:
To assist in addressing the gap between home prices and what homebuyers can afford by providing second trust deed loans up to $75,000. CCDC has created the Downtown First-Time Homebuyer Program to help people realize the dream of homeownership. The Program, specifically designed for Downtown San Diego Real Estate, provides financing, in the form of a second trust deed loans, to enable moderate-income, first-time homebuyers to purchase their primary residence located within the Downtown San Diego Real Estate New Neighborhoods. Qualified buyers can obtain a maximum $75,000, 30-year, zero-interest loan, with no payments for the first five years. The Program is intended for the purchase of Downtown San Diego Real Estate including homes, condos, town homes, lofts and penthouses with prices up to the mid-$200,000s. Recently, Western Pacific Housing's Union Square Condominiums project and Citymark Development's Doma Lofts and Town Homes Development, welcomed owners that utilized this unique program.
Eligibility: Household income at or below 120 percent of area median: Family Size Maximum Household Income: 1 Person $53,250, 2 Person $60,900, 3 Person $68,500, 4 Person $76,100,
5 Person $82,200. First-time homebuyer; no primary residence owned in the last three years;
Applicants do not own any other real estate; and Homebuyers provides minimum 3 percent down payment plus closing costs. Terms: 30-year, zero interest second trust deed loan up to $75,000; No payments for the first five years; Level, monthly principal payments start in year six; Property must be owner occupied; Upon sale, loan balance is paid in full and Agency shares in appreciation; Share of appreciation is percentage of CCDC loan to purchase price; and Share of appreciation is reduced 50% after 30 years, expires after 45 years. Qualifying Units: Downtown San Diego Real Estate property with a purchase price within the following range: Studio Unit $145,000 to $235,000, One Bedroom Unit $150,000 to $250,000, Two Bedroom Unit $155,000 to $275,000. An Example: A homebuyer with a household of three earns $65,000 annually. With CCDC assistance: First trust deed household qualifies for $167,500, Minimum 3% down payment: $7,500, Maximum CCDC loan: $75,000, Home purchase price: $250,000. To Apply: Identify homes in the eligible price range. Contact a realtor or Condominiums sales offices to inquire about or resale properties in the mid-$200,000s. In today's challenging housing market, availability in this price range may be limited. CCDC publishes an online Affordable Housing Directory to help in this search (see below). One upcoming downtown development, Lankford's Smart Corner, assures that 25 Condominiums will be sold specifically to program participants. Contact the Smart Corner sales office at (619) 546-5835 or www.smartcorner.net to get on the priority interest list. Next: Make an appointment with the San Diego Housing Commission (SDHC) to get pre-qualified. Contact Vicki Monce at (619) 578-7491 or vickim@sdhc.org.
Once pre-qualified, SDHC staff will refer you to a participating lender to handle your request for homebuyer assistance and your primary home loan. For More Information:
Program Guidelines - (619) 578-7302 or: http://www.sdhc.net/FirstTime&MCC&SharedEquity/CCDCProgramGuidelines.pdfParticipating Lenders - (619) 578-7302 or
http://www.sdhc.net/FirstTime&MCC&SharedEquity/CCDCLenders.pdf
Program Funding - Dale Royal at CCDC at (619) 533-7108 or royal@ccdc.com
Affordable Housing Directory - (619) 235-2222 or Affordable Housing Directory [pdf 29KB]
Downtown Housing Guide - (619) 235-2222 or CCDC's Housing Guide Smart Corner Condominiumss - Lankford at (619) 546-5835 or http://www.smartcorner.net
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3 CalReUSE Program:
To assist property owners and developers of Downtown San Diego Real Estate by providing low interest loans up to $125,000 to finance the cost of performing assessments of contamination and the steps required to clean it up. Area wide Improvements: In addition to projects targeted within specific areas, some CCDC enhancements benefit all of Downtown San Diego Real Estate Neighborhoods. These can include the upgrade of public utilities and the replacement of outdated public improvements and facilities to encourage additional private investment. Cultural opportunities and improved social services for the needy can also result. Following are examples of area wide improvements.
To improve lighting and public safety, CCDC has led efforts to convert existing low-pressure sodium to high-pressure sodium lights throughout all of Downtown San Diego Real Estate.
To address public infrastructure issues, CCDC works with the city and public utilities to replace outdated sewer and water lines, underground & overhead utility lines, plant street trees and landscaping and install street lighting and signage systems where ever needed and to update where needed. To improve commercial activity and upgrade neighborhoods, street and sidewalk improvements throughout the Neighborhoods of the Downtown San Diego Real Estate.
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Contact the agencies listed above or contact your local Downtown San Diego Realtor for more information concerning special financing for all Downtown San Diego Real Estate.
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