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The Inclusionary Housing Ordinance of Folsom gives the opportunity of home ownership to those people who earn incomes at or below “very low income”, “low income”, and “moderate income," as published by the Department of Housing and Urban Development.
No, this program is available to all lenders who are licensed with NMLS and are a business in good standing with the State of California. The City of Folsom does not maintain a list of approved lenders.
No. The buyer of the Affordable Deed Restricted Unit is required to be owner-occupant; a non-occupying co-signer or co-borrower will not be allowed to participate in the purchase of the Affordable Deed Restricted Unit.
Yes, the program does not restrict the use of gift funds for the purchase of the Affordable Deed Restricted Unit. The buyer’s family members would be required to provide a gift letter with proof of sufficient funds to make the purchase.
No. Buyers of these units are required to remain as owner occupants. Therefore, purchase of an Affordable Deed Restricted Unit for investment or rental purposes is not allowed and is strictly forbidden.
Interested buyers that are self-employed will be required to provide a Profit & Loss Statement prepared by a Certified Public Account. The City of Folsom will not accept self-prepared Profit & Loss Statements. The gross income less the allowable deductible expenses (as determined by a tax professional) is what will be used for determining monthly income for those who are self-employed.
To calculate a seasonal worker’s income, we will use the previous 2 years' tax returns and a current Year-to-Date Profit and Loss Statement to calculate self-employment income.
Students are eligible as long as the student falls under the income limits for the program. If the student currently receives no income, additional documentation will need to be provided to prove the student receives no other subsidy or financial support – ie: statements from IRS, EDD, Dept. Human Services, etc.
Yes. However, the total retirement funds available will be added to the total liquid assets and for the income certification and .06% of the total assets will be calculated and added to the total household income calculation.
It depends. The mortgage lender you are applying with would determine if you are able to obtain a refinance. The City of Folsom’s program guidelines do no prohibit existing owners of Affordable Deed Restricted Units, that do not have a loan with the City of Folsom, from being able to refinance.
The same restrictions for selling and renting an Affordable Deed Restricted Units would apply. If an heir wants to occupy the unit as their new residence, they would be permitted to do so but would be required to notify the City of Folsom and provide proof of their rights as the surviving heir.
A homeowner who participated in the Inclusionary Housing Program decides to rent their unit.
The homeowner interested in renting their home will contact the City of Folsom and notify them of their intent. The City of Folsom will determine whether or not the unit is eligible to be rented (based on certain loan status and occupancy requirements) and if so, set the rental price for the affordable unit. The homeowner then locates a potential renter and refers the prospective renter to NeighborWorks® Sacramento to schedule an income certification appointment. NeighborWorks® Sacramento will conduct an income eligibility session and determine the prospective renter’s income level. The prospective renter will be provided with a letter indicating their income level. At the conclusion of this appointment, the letter will be provided to the prospective renter and a copy sent to the City of Folsom. To schedule a Folsom Rental Income Certification, call NeighborWorks® Sacramento at (916) 452-5356, be sure to let them know this is for a rental income certification.
• Prior 2 years’ federal income tax returns • Most recent 3 months’ pay stubs • Proof of any form of income, such as a Profit and Loss Statement, SSI award letter, etc. • Picture ID
Each income certification appointment costs $75.00. The City of Folsom will pay the fee for the first potential renter per property who attends an eligibility determination session. Any subsequent appointments will be paid for by the homeowner or renter, to be determined by those two parties.
We have to review a great deal of information, so please allow for the appointments to take 2 hours.
During your housing counseling appointment, the NeighborWorks® HomeOwnership Planner will calculate your income to determine program eligibility. The income eligibility chart on the NeighborWorks® Sacramento website will help guide you in determining if you meet income certification guidelines. Note: Income is counted from every source for member of the household over 18.
The certification is valid for 1 year of occupancy in an Affordable Deed Restricted Unit. Renters are required to re-certify on an annual basis by following the same steps as an initial certification. Recertification appointments cost $75.00 to be paid by the homeowner or renter, determined by those two parties.
Please refrain from calling our office regarding these listings. Calling our office will NOT give you any advantage.
All available information regarding these listings is already on this page.
You must qualify for low income to be considered for these listings.
You will have 24 hours to claim 1 of the 5 available income certification slots, should you be selected. The slots are first-come, first-serve.
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