SAN DIEGO (KGTV) — Condos in the Mulberry at Bressi Ranch development in Carlsbad are going to begin selling for less than $200,000, but strings will be attached.
The city of Carlsbad will be selling the units as part of a new effort to keep existing affordable housing units from converting to market rate. Carlsbad is buying up the units as they come available, with plans to sell them to qualifying households.
Applications will open Nov. 19 for at least two 879-square foot, two-bedroom, one-bathroom units in Mulberry, a 100-unit affordable complex steps from the town square of the Bressi Ranch master plan.
"These home are meant for lower income households," said Nancy Melander, the city's program manager. "They're meant for families, single parents, for those that are seniors and looking for permanent housing."
Melander said the units would go to qualifying households and not real-estate investors, which happened in Encinitas earlier this year.
The Carlsbad condos are located in one of the region's most expensive areas, with the median priced attached home selling for $739,000 in September, according to CoreLogic. While the $200,000 price tag sounds like a bargain, it comes with a series of restrictions: The owner must live in the unit, may not be able to leave it to their heirs, and if they decide to sell, the city will have first right of refusal and can set the price.
Eligibility is based on household income, with a family of four eligible if earning up to $60,600 a year. Full eligibility requirements and the application are available here.