The Placer County Redevelopment Agency will hold a special lottery for the right to purchase 15 new homes in
Auburnat a below-market price on Friday, November 17, 2006. The lottery will be held at
3:00 p.m. in the new Planning Commission hearing room in the Community Development Resource Center, 3901 County Center Dr., in Auburn.
Morrison Homes is building the housing development known as Atwood Ranch III, which will consist of 143 single-family homes located near Atwood Roadand Richardson Drivein Auburn. This development will include 15 single-family, below-market-price homes. The 1,200-square-foot, three-bedroom, two-bath single-family detached homes will sell for about $180,000. Approval of the development by the Placer County Board of Supervisors was contingent on the inclusion of the 15 affordable houses.
"When the Board of Supervisors OK'd this development in 2004, the affordable housing component was an important element," said Jim Holmes, District 3 Supervisor. "Now we're poised to see these fortunate people who otherwise could not afford a home realize the dream of home ownership. The Supervisors will continue to work with stakeholders and developers to increase the pool of affordable housing in Placer County."
The Agency and Morrison held three public workshops to inform interested parties about home ownership responsibilities, income requirements and the procedures for the lottery selection process.
Those who pre-qualified for the lottery were given a random number. Those numbers will be drawn on Friday and the names given to Morrison to arrange financing. Everyone who is drawn may not qualify for the financing. When there are 15 parties drawn who qualify for financing and have signed the purchase agreement, the lottery will be over. There are 120 individuals in the lottery pool.