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Restrictions, Terms, & Conditions


In exchange for providing you with affordable housing:

  • The unit must remain affordable for 45 years, and sold at an affordable price as determined by the Agency. Affordable Housing Covenants, Re-sale Restrictions, Option to Purchase Agreement along with other program documents will be recorded against the property.
  • The unit must be owner occupied (includes all buyers on title). The unit must be the household's primary or sole place of residence.
  • The Agency will record a silent second mortgage in the form of a Promissory Note and Deed of Trust on each unit. The amount of the silent second mortgage is the difference between the affordable sales price and the actual unit price determined by the Agency.
  • Restrictions continue for a specified time period even if financial assistance provided is repaid prior to the end of the 45 year period.
  • At the end of the 45 year period, all of the program requirements go away as long as all Affordable Housing Agreement obligations have been met. This includes repayment of the silent second mortgage calculated at the full difference between the then current fair market value and restricted resale price of the unit.
  • In compliance with California State Assembly Bill 987, the City of San Dimas maintains a database of affordable housing units on the City's website. The database does not include the participant's name, but it does include property information such as address, assessor's parcel number, size of unit and date restriction recording and expiration dates. This unit will be subject to this requirement.

Transfer, Resale, and Refinance

  • Transfer of the unit without monetary consideration may be permitted subject to program requirements and upon notice to the Agency.
  • To assure others have the ability to purchase an affordable home, resale restrictions apply limiting the resale price of the property (equity).
  • The Agency must authorize a resale and determine if an applicant is an eligible purchaser, and that the unit is being offered at an affordable sales price. Most likely the sales price will be lower than the fair market value of the property. In certain instances, the Agency will have the option to purchase the unit from the owner if the owner is unable to identify an eligible buyer, or if the buyer has not met program obligations.
  • Resale to an eligible buyer restarts the restriction time period for an additional 45 years.
  • Pursuant to program guidelines, refinances are permitted as long as the amount of debt requested does not exceed the outstanding principal owed under the initial financing and the homeowner is in compliance with program requirements. Loans with negative amortization, interest only payments, balloon payments or adjustable rate mortgages are not permitted when refinancing.


  • The Agency may conduct random periodic audits in addition to annual recertification of the units to ensure program compliance.
  • Insurance requirement verification, property tax payment verifications, and occupancy requirement verification must be provided to the Agency annually.
  • Maintenance and upkeep of the interior and exterior of the unit is required in a manner consistent with program requirements and community standards.
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