Folsom’s affordable housing re-sale program is designed for potential homeowners who are low- to very low-income. At this time, there are not any new units planned for the program; however, there are currently more than 75 existing, deed restricted affordable units in the City. When current homeowners decide to sell these units, they must sell them to other very low- or low-income buyers at an affordable price set by the City.
As for-sale deed restricted affordable units become available, they are listed on this website.
There are no units currently for sale.
PURCHASING A DEED RESTRICTED UNIT
To purchase an affordable unit your income must be less than the amount identified in the Annual Income Limits Table for your household size for the income level (low to very-low) of the specific unit.
The City of Folsom partners with NeighborWorks of Sacramento to certify income of potential buyers of these units. Required paperwork for the Income Certification include:
- Most recent 3 months’ proof of income from all household members over 18 including all sources – pay stubs, social security, retirement, pension, etc.
- Last 2 year’s W-2s and tax returns
- Most recent 3 months’ bank statements from all bank accounts – must show adequate funds for the purchase if making a cash offer
- Most recent 3 months’ investment statements from all accounts – stocks, bonds, money market, CDs, etc.
- Pre-approval letter from lender – if financing the purchase
When a unit is available, prospective buyers will need to reserve an income certification appointment through the NeighborWorks website.
FREQUENTLY ASKED QUESTIONS
More information about the Folsom Resale Program is available in the Program Guidelines, which contain important information for prospective homebuyers regarding the occupancy and resale restrictions of owning an affordable home. You can also review our Folsom Resale Program FAQ webpage.