Magnolia Court has four units that will be sold to low and moderate income applicants. There will be two low income and two moderate income. Pricing is below. The buyers for these units will be chosen via a lottery system. THE LOTTERY IS NOW CLOSED. Applicants will be chosen by April 26th and notified that same week.

The home will be purchased under an equity share with the City of Oxnard. More information on this equity share can be found in the attachments below.

IN ORDER TO APPLY YOU MUST FIRST CONFIRM THAT YOU MEET THE ELIGIBILITY REQUIREMENTS FOR LOW AND MODERATE INCOME BASED ON THE HCD 2022 INCOME GUIDELINES. These are listed below.

Once selected from the lottery and it is confirmed again that you meet the income eligibility requirements below, those selected will then be pre-qualified for a loan by the developers preferred lender. The buyer does not have to work with this lender, but they do need to pre-approve with them. If the chosen buyer does not qualify, the builder will then randomly select another applicant from the lottery.

The builder’s lender will pre-qualify applicants, complete a questionnaire, explain the city’s equity share requirements and then refer pre-approved buyers to the Oxnard Housing Department for final review and approval. which will include income documentation to verify income eligibility.

Upon approval from the housing department buyer will sign the City’s Equity Share Agreement documents.

Preference will be given to persons who have lived or worked in Oxnard continuously for the past two years or more. For the first 30 days of the marketing period, builder will only accept applications from prospective buyers who either have resided or worked in Oxnard for two years or more. After 30 days, builder will maintain an interested parties list.

Other requirements:

• Buyers may not offer more than the asking price

• Income of all members over 18 in the household will be counted

• Cash offers are accepted

• A minimum of $5,000 down payment from the buyer is required

• A home inspection is required and to be paid for by the buyer

• The property must be owner occupied for the entire term of the equity share agreement with the City (term starts from the date of occupancy and terminates upon resale of the home to a bona fide purchaser.)

• Original buyer (owner) of the affordable unit must contact the City prior to selling the property to inform the City of their intent to sell the property

• Property must be sold at fair market value

• Upon the sale of the affordable unit, owner shall retain the value of improvements, the down payment and the Owner’s proportionate share of appreciation

• Upon the sale of the Affordable Unit by the owner, the City shall retain the City’s proportionate share of the appreciation and initial subsidy, plus any down payment assistance or mortgage assistance (if any from the City to the owner) and City’s reasonable cost in administering the Equity Share Agreement.

• PLEASE NOTE THAT THERE WILL BE NO REALTOR COMPENSATION OFFERED FOR THE LOW/AFFORDABLE UNITS