CDC Homes For Sale
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| Community Development Corporation of Utah (CDC) builds new homes and rehabilitates existing housing then works with interested eligible homebuyers to help them purchase a home. |
| The CDC seeks to reduce costs and meet the needs of our clients through a variety of strategies. We are also committed to helping decrease housing costs for our clients after they purchase a home. For our new construction projects, the CDC has committed to providing Energy Star® rated homes. In 2008, the CDC joined with Salt Lake County, Rocky Mountain Power and Questar Gas Company in the Salt Lake County Idea House Initiative. Idea Houses are existing homes rehabilitated by the CDC with Salt Lake County funds and they demonstrate best practices for improving energy efficiency, water conservation, and accessibility for disabled or infirm homeowners and visitors. |
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| Eligibility for CDC homes |
Let me know when new homes become available |
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ALL NEW HOMES ARE ENERGYSTAR® RATED HOMES
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Eligibility for CDC homes
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| CDC homes are provided through several different programs, as well as a variety of funding sources. This means that there may be different eligibility requirements for our properties. Currently we have three primary housing programs: |
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Asset Control Area Homes:
CDC purchases homes that are located in revitalization areas from the U.S. Department of Housing and Urban Development (HUD). The CDC is limited on the amount it can re-sell these homes for. If there is a difference between the fair market (appraised) value minus CDC's estimated allowable costs, that difference will be held in a non-interest bearing note with a 1-3 year term that is secured in second position, behind the buyers first mortgage. HUD releases this note after one year for officers/teachers/firefighters/ EMTs, and after three years for other homebuyers.
- The maximum income of a homebuyer is at or below 115% of the area median income (AMI), however there is no income limit for officers/teachers/firefighters/or EMTs.
- The CDC home must be the buyer's primary residence and the only residential property owned by the homebuyer.
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Homes subsidized with government funding:
CDC may receive funding from federal or local funding sources for the purchase of property, and/or rehabilitation or new construction costs.
- The maximum income of a homebuyer wishing to purchase these homes is at or below 80% of the area median income (AMI).
- They are a first-time homebuyer.
- The CDC home must be the buyer's primary residence and the only residential property owned by the homebuyer.
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Neighborhood Revitalization "market rate" homes:
CDC homes that are developed with funding that does not restrict eligibility of homebuyers. |
