Novato, CA Homes: Affordable Homes!

Posted by Kristin Lee on Tuesday, August 30th, 2011 at 11:59pm.

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One of the best kept secrets about buying a home in Novato, CA includes some of the very affordable options for those who qualify. Two great options include the affordable housing communities in the Ignacio area and Meadow Park. Together these communities offer 855 home or condos and are the largest affordable housing project in Marin County. Their location is in sunny southern Novato convenient to the 101 Freeway and Hwy 37, shopping, schools, restaurants and medical facilities.

One program includes over 350 homes in the Meadow Park neighborhood at Hamilton Field. These homes were completed in 2003 and 2004. These homes are available to individuals or families meeting the income and asset criteria set by the Redevelopment Agency and the Homeowners Association that governs these communities.

Since the homes are subsidized, there are restrictions on income as well as rules about no leasing and no appreciation to be gained. However, paying toward owning one of these may be a perfect strategy for saving money toward a purchase on a non-restricted property later down the road. Current price ranges for these homes goes from the low $200,000’s to the upper $300,000’s depending on the deed restrictions specific to the unit. All transactions for these homes are administered by the City of Novato Redevelopment Agency Staff, with the assistance of a licensed California Real Estate Agent.

To learn more about the Below Market Rate Housing Programs, check out the City of Novato’s Community Development Department page.

Across the freeway from Meadow Park (in the Hamilton Field area), in Ignacio, there are condominiums which were built exclusively for seniors at Villa Entrada. Some of these 55+ homes also include additional income and asset criteria. These condos also provide great options for retiring Marin individuals or couples or those that may otherwise qualify. Learn more about Novato’s Senior Housing programs, visit the City of Novato’s Community Development Department page .