1950 Santa Ana S, Los Angeles, CA 90059

Property Description

SHORT SALE There are conditions and restrictions recorded on Title:
 
 1. The property MUST be owner-occupied; the home CANNOT be rented out.  
 
 2. The Buyer must meet "low- to moderate-income level" restrictions, defined as not more than 120% of the median income for the Los Angeles Statistical Metropolitan Survey Area, and not less than 80% of said income median.  (See the Income Levels document attached)
 
 3. The City of Los Angeles has an ongoing and continuing right to receive 50% of all net sale proceeds or 10% per annum, whichever is less of each resale.  "Net sale proceeds" means resale price less sales costs less outstanding balances of first and second deed of trust loans.
 
 4. The City's prior written approval is required for all resales to assure consistency of resale with the requirements of the occupancy affidavit.
 
 PLEASE READ THE ENTIRE OCCUPANCY AFFIDAVIT AND ELIGIBLE INCOME LEVELS (ATTACHED) FOR MORE INFORMATION
 
 Be sure to consult with your lender for mortgage payment information. Also inquire about Los Angeles downpayment assistance programs/grants as this property is located within the City's Priority Area.