Has anyone lived in a moderate-income housing?

Question

I live in the San Jose area, and houses here is very expensive. A nearby city is advertising moderate income housing. The townhouses appeared to be selling for half price to people who qualify. I'm thinking of recommending it to a friend. Aside for a long waiting list, what else do I need to think about? My friend would need to save 10 years otherwise to afford a regular house in this area. Would there be a problem with bad neighbors? Or neighbors that are too rich? Would anyone else in the neighborhood know which units are "moderate income" units? Will they be hard to sell in 5 years? Would there be any profit if they sell? Is there a choice of location? Thanks.

Answer 1

Wait until the development is at least partially filled then talk to people who live there to see what type of people are living there already. Ask about problem neighbors, problem children, and problem pets. Use what you hear to decide if it is place you can live. Investigate other similar neighbors to see if the properties are being kept up, or if the people are letting them run down. If they are not being kept up to par, your property value probably will go down pretty fast. Does moderate income mean that only moderate income people can live there, or does it mean only moderate income can get the financing the developer is offering. I would also check to be sure there is an owner's association. It will cost you a membership fee each year but , if it is a good one, it will insure that the properties are kept up to certain standards so that property values aren't adversely affected by uncaring homeowners. Of course, you need to be sure that you can live with the demands of the association.

Answer 2

get a tent