Homeowners
Cottage Glen is planned to appeal to a variety of potential homeowners with a wide range of incomes.
- Three or four homes will be sold to "market rate" buyers with no income limitations. These homes are anticipated to be priced in the $600,000 and up range.
- At least six homes will be priced to be affordable to buyers in the "moderate" income range (currently $61,500 to $95,500 for a family of four). Pricing in the $500,000 range will be subsidized to make the homes affordable.
- The balance of the homes will be allocated to buyers whose incomes are below $61,500 (family of four) and will also be subsidized.
- The city of Calistoga is likely to adopt a "Local Preference" ordinance within the next year that will make the subsidized homes much more readily purchased by those who already work and/or live in Calistoga, especially city and school district employees.
- All homes except those sold at market rates are expected to use a "mutual self-help" approach to help buyers earn their down payment by helping with construction.
- Most homes will be restricted to first-time homeowners, although this requirement may be relaxed depending on financing sources.
- All buyers must be citizens or legal residents and will be required to meet credit and income requirements.
Homeowners