The lottery application period for the affordable homes at Estancia has closed. We are no longer accepting lottery applications for this project.
Important Dates to Remember
The City reserves the right to postpone the above dates, if necessary, due to a high volume of applications.
A preference will be given to applicants that live or work in the South Coast area of Santa Barbara County (from Gaviota to the Ventura County line). In order to provide a preference to applicants who live or work in the South Coast, two lotteries will be conducted to determine a sequential ranking of applicants. All of the applicants that live or work in the South Coast area will be drawn in the first lottery. The applicant first drawn has the first opportunity to be fully qualified to purchase and shall get first selection of a unit. All of the applicants that do not work or live in the South Coast area will be drawn in the second lottery and will be numbered after the last name drawn from the first lottery. As names are drawn, they will be numbered sequentially. Each lottery participant will be assigned a lottery number.
The applicant first drawn will be invited to submit their qualification documentation to the City. Failure to deliver all required documentation within two-weeks from the date of notification shall be cause for disqualification. Should the applicant first drawn not fully qualify, the applicant with the next lottery number will be invited to go through the City’s full qualification process. This process continues until there is a fully qualified occupant purchaser for each available affordable unit. All information provided to the City is subject to third-party verification. In the event false or misleading statements are made in any documents or certifications submitted to the City for its approval of the purchase, the City may declare a default under the Affordability Covenant and Option to Purchase. Qualification documentation is valid for a 90-day period. If an applicant has not purchased a home within this period, updated financial and other documentation is required.
The affordable homes at Estancia are subject to requirements outlined in the Affordability Covenant and Option to Purchase. This ninety (90) year covenant restricts the price of the condominiums, the maximum household income of the buyers and defines the owner’s responsibilities. The Affordability Covenant and Option to Purchase
also gives the City the first right of refusal to purchase the unit when an owner elects to sell.
The affordable homes at Estancia are also subject to the rules and regulations of the homeowners association as declared in the Covenants, Conditions, and Restrictions, Bylaws, Budget, and other related association documents.