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
Operations
Wells Fargo Backs 3D-Printed Housing With New Financing Program

Qualified buyers can receive a 50-basis-point lender credit as the bank looks to support alternative housing construction

Wells Fargo is expanding its involvement in the 3D-printed housing sector, announcing it has been named a preferred home mortgage lender for ICON, a company specializing in advanced construction technology.Under the arrangement, qualified buyers who finance the purchase of a...

Continue reading
Non-QM
eRESI Rolls Out AI Guideline Search For Non-QM Lending

Correspondent sellers will receive complimentary access to Guideline Guru's platform, allowing real-time searches of eRESI underwriting guidelines and instant AI-generated answers

eRESI has partnered with Guideline Guru to provide correspondent clients with complimentary access to an artificial intelligence-powered tool that streamlines Non-QM guideline searches and accelerates loan decision-making.The partnership will make Guideline Guru available ac...

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
Trump Taps Former CFPB Deputy Brian Johnson To Lead Bureau

MBA backs the nomination as lenders await clarity on the future direction of consumer finance regulation under the Trump administration

Industry News
Jun 12, 2026
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Industry News
Jun 02, 2026
Realtor.com Launches AI Home Search Platform Built With Google

New RealAssist tool combines AI, affordability guidance and Google Maps data to engage buyers before they reach lenders

Industry News
Jun 02, 2026
Another MLS Challenges Zillow In Fight Over Listing Visibility

Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem

Industry News
May 29, 2026
Gas Prices Are Quietly Reshaping Homebuyer Affordability

Rocket Money data suggests rising fuel costs are adding pressure to already payment-sensitive buyers as mortgage rates remain elevated

Industry News
May 28, 2026
MISMO Targets Costly TRID Fee Cures With New Mortgage Fee Standardization Framework

MBA’s standards organization says inconsistent fee naming still drives costly redisclosures and rework, with fee-related cures affecting more than 30% of mortgage loans

Industry News
May 27, 2026