February 28, 2023
Cerritos announced the availability of three City-owned affordable senior condominium units in the gated community Emerald Villas for purchase through a lottery process. Two units are currently available for purchase, and one unit will be available soon.
The Emerald Villas community is located on Carmenita Road and Houston Avenue. Prospective buyers must meet the community’s age restriction of 62 years of age or older and be a U.S. citizen or a U.S. permanent resident. They cannot own any additional property and must meet income requirements. A one-person household cannot exceed $41,700 gross annual income for the very-low income units or $76,500 for the moderate-income unit. A two-person household’s gross annual income must be less than $47,650 for the very low income units or less than $87,450 for the moderate income unit.
All built in 1999, two of the condos are one bedroom, one bath; the third unit is a two bedroom, two bath home. They all come with a one-car garage and range from 733 to 1,001 square feet. Estimated prices will range from $100,000 to $250,000. Tours will be offered only to qualified and verified applicants selected by way of the lottery.
The units must be owner-occupied and cannot be rented out. Only the approved low-income senior may live in the unit; children or other family members who have not been approved by Cerritos are not permitted to live permanently in the unit.
Lottery registration forms will be available beginning Wednesday, March 1 at Cerritos City Hall (18125 Bloomfield Avenue, Cerritos) and on the City’s website at cerritos.us. Completed forms must be submitted in-person to City Hall by 5 p.m. on Friday, April 28. Residents can submit only one form.
The lottery to select the prospective homeowners will be held at or before a City Council meeting following the registration period. All potential buyers picked in the lottery will be required to undergo a compliance review for qualifications.
