SB 1079 was put in place to promote home ownership and affordable housing and rental. As a result, buyers of our properties acquired through CA's SB 1079 must fall into one of the following categories listed below.
Buyer must sign and have notarized an affidavit affirming their intent to occupy the property immediately upon vacancy. The buyer cannot be a corporation, partnership or limited partnership.
Investor must sign and have notarized an affidavit confirming their intent to rehab and retail the property to an owner occupant. Investors who purchase for rentals are not allowed to purchase our properties.
The nonprofit must present their 501c3 certification and sign and have notarized an affidavit confirming their intent to rehab and retail the property to an owner occupant or provide affordable rentals.
In some instances, such as burn out, burn down, extreme property damage that makes the property inhabitable, environmental issues, crime issues, etc., Southside may sell to an investor without an affidavit.