Calif. Cities Selling Housing Lots for One Dollar Each – NMP
Industry News

Calif. Cities Selling Housing Lots for One Dollar Each

Feb 09, 2018
The California cities of San Diego and Lemon Grove have announced plans to sell lots for $1.00 each to a nonprofit land trust that will use the land to construct residential property for middle-class families

The California cities of San Diego and Lemon Grove have announced plans to sell lots for $1.00 each to a nonprofit land trust that will use the land to construct residential property for middle-class families.
 
According to a San Diego Union-Tribune report, the maximum prices for the new three- to four-bedroom houses to be built on the lots will be $350,000. One project involves 16 lots on vacant land in the town of Nestor, near the Mexican border, while another has nine lots located next to state Highway 94.
 
However, the new homeowners will not own the land where their houses are located. Instead, households will buy the homes but lease land underneath. Home sales can only be made to buyers who meets the income requirements set up for this program—in this situation, sales prices are tied to 120 percent of the area median income or less, which would be an income of up to $102,750 for a family of five.
 
About the author
Phil Hall
Link copied
Published
Feb 09, 2018
Get the NMP Daily
Courts
UWM Seeks More Than $500M From Two Harbors After Failed Deal

Lender alleges Two Harbors undermined their merger and steered the company toward CrossCountry, turning a costly acquisition failure into a federal court fight

The fight over Two Harbors Investment Corp. did not end when shareholders approved its sale to CrossCountry Mortgage.Now United Wholesale Mortgage wants damages.UWM Holdings Corp. and UWM Acquisitions 1 LLC sued Two Harbors in federal court Monday, seeking more than $500 mil...

Continue reading
Wholesale
UWM Offers LOs 90-Bps Incentive On One Agency Loan

Bullseye 90 can be applied to a conventional or government purchase or refinance loan through Sept. 8

United Wholesale Mortgage is giving each loan originator a one-time, 90-basis-point pricing incentive to use on a qualifying agency loan.The wholesaler’s new Bullseye 90 program applies to new locks from Aug. 5 through Sept. 8 on conventional, FHA, VA, and USDA purchase and ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026