At a time when the median home price in San Diego is nearly three-quarters of a million dollars, low-income buyers could score in one of Carlsbad's most prestigious ZIP codes for less than $200,000.
Nine years ago, recently-divorced single mother Laura Acevedo was thrown a lifeline with Carlsbad's Affordable Housing Resale Program.
“I rented, and it was $2,000 for my son and I to live," Acevedo said. "My mortgage is now under $1,000 and it’s been that way for nine years."
For a little less than $200,000 Acevedo says she bought a two-bedroom, first-floor condominium just under 1,000 square feet in the Mulberry community of Bressi Ranch in Carlsbad.
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Mulberry is a 100-condominium affordable housing community built by a private developer in 2005. When the original owners sold, the city bought many of the condos to keep the prices restricted for lower-income buyers long term.
“I think it is wonderful. There was almost a three-year period where some of these sat vacant,” Acevedo said.
Income eligibility ranges from around $42,000 to $65,000 depending on the size of the household. New owners can’t rent the property and they can’t sell without giving the city the first opportunity to buy it back at a restricted price.
“When they say it comes with strings, it really does because they want to know every single item that has gone into your bank account. They want to see the paper trail for it," Acevedo said.
Now semi-retired and her son full-grown, this is still home for Acevedo.
She knows the market value is well above what she can afford and appreciates it that much more.
“I am definitely here for good," Acevedo said.
Applications will become available Friday on the program website.
Interested buyers can apply online, or return a completed application by mail or in-person to the Housing and Homeless Department at Carlsbad City Hall.
Mulberry residents tell NBC 7 only a couple of units are for sale now, but more will become available.