Each ICLT project will have a unique set of selection criteria based on the funding sources and public mandates used to develop the units, but there are threshold and priority criteria which apply to all applicants. All potential homebuyers must meet the following threshold criteria in order to purchase a home. There is no requirement that applicants meet the priority criteria in order to purchase a home, but applicants meeting one of these criteria in addition to the threshold criteria will be given preference for most ICLT homes.
Additional selection criteria for specific properties will be listed on the Available Properties page.
- Applicants must be at least 18 years old.
- Applicants must pre-qualify with a prime mortgage lender.
- Applicants must attend an ICLT Orientation Workshop.
- Applicants must sign a statement agreeing to the resale price restrictions.
- Applicants must have at least 5% of the total purchase price to contribute at the time of purchase. This money can be contributed to closing costs or down payment.
In addition, each unit will have a maximum income limit expressed as a percentage of the Area Median Income. Income limits for specific units will be listed on the Available Properties page. See the table below for current Orange County Income Limits.
2011 Income Limits as Percentage of Area Median Income (AMI)
Applicants who live or work in Orange County will receive priority:
1. Applicants who have been living in Orange County a minimum of one year prior to the application date will be given priority.
2. Applicants who have been working in Orange County for a minimum of one year prior to the application date will be given priority. Applicants must work a minimum of 20 hours per week to receive this priority.
Applicants whose household size is appropriate for a given available unit will receive priority. In general, households will receive priority if they meet the household sizes as described below:
|Unit Size||Minimum Household Size||Maximum Household Size|
|Studio||1 person||2 persons|
|1 bedroom||1 person||3 persons|
|2 bedrooms||1 person||5 persons|
|3 bedrooms||2 persons||7 persons|
|4 bedrooms||3 persons||9 persons|
|5 bedrooms||4 persons||11 persons|