Nine Salinas families will get a half-million-dollar home for less than $200,000
85 single-family homes are currently being built in the Monte Bella Subdivision in Salinas. The last time the city saw this type of development was back in 2004. That’s not only good news for the economy, but for a few low-income families it’s their only path to home ownership.
“The downturn occurred in about 2007 and 2008. The City of Salinas took some time for the residential real estate market to recover and now we’re seeing that the residential real estate market is not only stabilizing, but also growing,” said City of Salinas Community Development Analyst, C.J. Valenzuela.
According to the developer’s website, Century Communities, these homes will cost right around a half-million-dollars. But because of a city ordinance, nine of the 85 homes will be sold at below market prices. Way below.
“If the inclusionary housing ordinance wasn’t in effect, then essentially market rate ownership developers wouldn’t be required to build affordable housing,” said Valenzuela.
On Monday, 30 eligible low-income buyers will eagerly wait for the chance to purchase these affordable homes and be given the path to home ownership, a hard thing to come by on the Central Coast.
“It’s going to be a lottery drawing. The mayor and other city council members will draw the names randomly. All names will be drawn, but only the first nine will get an opportunity to buy these homes. All the other applicants that get picked will be backup offers,” said Valenzela.
