Villa Bella by Legend USA
INFORMATION & ANNOUNCEMENTS
Estimated date of first closings: Late Spring or early summer 2024
Villa Bella by Legend USA offers impeccable quality, sophisticated Mediterranean architecture, and modern finishes. Choose from contemporary 1 bedroom plans and enjoy amenities like a fitness center, outdoor barbecue, secluded courtyard, community meeting center, and game room.
Your home is a sanctuary away from the bustling metropolitan city, a balance of comfort and convenience.
Program Documents and Restriction Agreements
The buyers will be required to sign Program Documents that require the new owners to follow certain restrictions and limitations. Please ensure you and your loan officer/lender review the documents carefully. Feel free to hire an attorney to help you understand them and to ensure this is the type of program you are willing to follow and participate in. Among other responsibilities, there will be an annual compliance certification each year to ensure the homeowners continue to occupy the property and are not renting it.
Restriction Term: 20 Years
Guidelines: City of Santa Clara Below Market Purchase (BMP) Program Application Guide
Opportunity Drawing 579
TWO UnitS Available
1850 El Camino Real, #427
1850 El Camino Real, #225
1 Bedroom 1 Bath
Approximately 748 Sq Ft
Price: $401,000 (subject to change)
HOA: $557
Income Category: Up to 100% Median
*Please Note: Delivery of these units is currently estimated to be late spring/Early Summer of 2024.
Important Deadlines
Date Applicants May Start Entering The Drawing: 4/9/2024
Drawing Entry Deadline: 4/23/2024 @ 5pm
File Submission Deadline: 5/10/2024 @ 5pm Applicable to Ranking #1-5 - We will continue to move down the ranked list if a buyer is not identified and until the home is sold, please prepare. See Opportunity Drawing Notice for more details.
Note: The Final Ranking number is subject to change after preferences are verified.
OCCUPANCY STANDARDS
Your household must have at least 1 person and a maximum of 3 people for 1-bedroom units
If you don’t meet the occupancy standards and attempt to enter the drawing, your entry will be rejected for not meeting this requirement.
MINIMUM DOCUMENTS REQUIRED TO ENTER A DRAWING AND BE RANKED
PLEASE ENSURE YOU REVIEW THE OPPORTUNITY DRAWING NOTICE FOR FULL INSTRUCTIONS, DEADLINES, AND DISCLOSURES.
Applicants who enter by the entry deadline without the required documentation, WILL NOT be ranked and fall behind ranked applicants based on entry date and time.
This drawing has required documents that must be submitted by the drawing entry deadline:
1. A Housekeys Application; specific to the project and drawing must be filled out and signed.
2. A current/valid loan Pre-qualification letter is required to enter a drawing. To participate in the drawing and complete the purchase, choose a loan officer from the approved HouseKeys list of lenders and loan officers. Find the lender list here: https://www.housekeys.org/buyerfile
3. Exhibit E – Preference Form with supporting documentation. Reference Documents & Standard Forms — HouseKeys
IMPORTANT: Live and/or work in the CITY of Santa Clara Preferences is not the same as living and/or working in the County of Santa Clara. Please make sure you take a note of the difference between City and County when filling your drawing entry and preference form. Everyone may apply, just make sure that the questions are answered correctly. If you live AND work in the City of Santa Clara, make sure you indicate Tier 1.
If you don’t live and/or work in the CITY of Santa Clara, then you are Tier 4.
Tier 1: Live AND Work in the City of Santa Clara
Tier 2: Live in the City of Santa Clara
Tier 3: Work in the City of Santa Clara
Tier 4: All others - do not live and/or work in the CITY of Santa Clara.
PLEASE NOTE: If a selected preference cannot be verified because the completed Exhibit E or the specific supporting documents required by the city are not provided, you will lose the preference and be ranked without it.
AFTER THE RANKING
We will begin reviewing applicants’ files in ranked order, in batches of 1 per opportunity plus one or a minimum of 5, whichever is greater.
Once ranked, we will contact applicants and their Loan Officer, in ranked order, to submit a Complete File. You can find the Full Document Checklist HERE.
In addition, the City of Santa Clara also needs these items: click HERE.
Other Forms https://www.housekeys.org/buyerfile
Upon notification, the applicant will have 7 business days to submit ALL documents for further consideration. If the applicant is unresponsive or does not submit ALL the required documentation by the deadline, they will be released from the drawing. They may request to re-enter as a backup.
Throughout the process, HouseKeys or the Program Provider may require you to submit additional or updated documentation to determine eligibility. The deadlines may be as short as 24 hours.
For full process, please refer to the Opportunity Drawing Notice.
IMPORTANT: Please follow our “Document Naming Conventions” Form to ensure all supporting documents are accounted for and labeled correctly. In addition, view:
How to Name or Correct the Document Names in Your File Cabinet
Frequent Mistakes to Avoid when Uploading to the File Cabinet
Submit ONLY PDF format file. (No JPEG, SVG / screenshots, pictures, etc. will be accepted)
Please Do Not Disturb Development/ Builder Owners. An open house will be offered and scheduled by appointment for final candidates only.
(Navigate the map by clicking and scrolling)
RESOURCES
State Income Limits for 2023
https://www.housekeys.org/s/income-limits-2023.pdf
How to get started and prepare a file: https://www.housekeys.org/buyerfile
