Frequently Asked Questions

(q) Why did we name the building The Warren and what is the name's significance?

(a) The building was named after Earl Warren who was the 14th Chief Justice of the US Supreme Court as well as California's only three term governor. Mr. Warren gained national prominence after he was able to craft many landmark Supreme Court decisions including the legal status of racial segregation, civil rights, separation of church and state, and police arrest procedure as the author of the Miranda v. Arizona case in 1966.

(q) Who are the Developers of The Warren?

(a) The Warren development team is a group of organizations and individuals who have come together for one purpose; to design, market and deliver an iconic residential building on one of the last remaining prime building sites in the midtown Sacramento market. This project is structured as a classic public/private partnership with the Capitol Area Development Authority as land partner and San Francisco based UrbanCore, NCRF Holdings, Inc. (a member of the Nehemiah Social Enterprise) as private developer partners. The group also includes: Devrouax & Purnell - Design Architect; LDA - Architect of Record; Otto Construction - General Contractor; and Miyamoto - Structural Engineers.

(q) We have all heard that the real estate market is experiencing a historic decline. Why is this project different and why will it be successful?

(a) The Warren is the first new infill project to be designed and introduced to the Sacramento market since this economic slowdown has occurred. The development team invested a great deal of time and resources in the building programming and design in order to insure that this project will meet the needs of today's buyers. Great location, sophisticated architectural style, generous amenities and uncompromising value will be the cornerstones of our success on this project. Given the new, no risk, lending environment, pre-sales are a requirement before a bank will provide will provide construction financing. Because of this requirement our future buyers will have the opportunity to get involved much earlier in the project than in the past and these buyers will be able to reserve a specific unit at a price based on today's market reality. The reservation requires just a one thousand dollar fully refundable deposit in order to secure the most desirable home at the lowest price possible. Not only is it easy and a "no risk" decision for the buyer, but it allows that buyer to take advantage of the "slow market" and lock in a price today.

(q) When will the building be completed and when will the close of escrow happen?

(a)The development team anticipates a start of construction in the 1st quarter of 2012 and a completion of the building by the 4th quarter of 2013. A potential buyer can reserve a unit in the 3rd quarter of 2010 effectively locking in the price and unit location. The fully refundable reservation deposit will be converted to a purchase contract in the 1st quarter of 2011 and our buyers will close the transaction upon building completion some time during the 4th quarter of 2013.

(q) What is the Virtual Reservation System and how will it completely change your home buying experience?

(a) VRS is a concept based on giving our prospective buyers the opportunity to learn all they need to know about the building in order to make a decision to move forward on a reservation by just spending time on our website. This innovative approach will allow you to not only learn details about the building, the homes, and the surrounding neighborhood; it allows the buyer to select a particular home on a particular floor, lock in the price of that home and effectively take that home off the market all online and in the comfort of your favorite hotspot! By replicating the physical sales experience, our online buyers will be able to save time and money and make buying decisions at their leisure and without the pressure of the traditional sales environment.

(q) Does The Warren have a Homeowner’s Association, and if so how much are the monthly dues?

(a) Yes, The Warren will have an HOA and the monthly dues are projected to be approximately $320 per month depending on the size of the home you are buying. Your HOA dues pay for the maintenance of all common owned areas within the building, the upkeep and maintenance of the parking areas, all fire/hazard insurance premiums, and all charges for your water, sewer and garbage.

(a) A Below Market Rate (BMR) Home is a home that is available to qualified buyers at a base price that is below the market price of other homes in the Warren and for which a down payment loan of up to 20% of the price is available. In order to qualify for a BMR Home, the homebuyer must otherwise qualify for the mortgage financing required to purchase the home and have a gross household income of less than or equal to 120% of the Area Median Income for the Sacramento region. These income levels are determined by the US Department of Housing and Urban Development (HUD) and are published once a year. Qualifying income for 2010 is as follows:

One Person Household = $61,400

Two Person Household = $69,900

Three Person Household = $78,675

The program is underwritten and managed by the Sacramento Housing and Redevelopment Agency (SHRA) and is contingent upon a final award by the State of California Housing and Community Development department under their BEGIN program.

Buyers interested in a BMR unit can reserve a unit on a "first come first qualified buyer" process and secure that unit with the $500 deposit. Meaning, they can pick a unit, pay the $500 reservation fee, and have the first right to purchase that unit assuming they qualify. The builder reserves the right to take as many as four back up reservations for each BMR Home. Should the buyer with the active reservation miss their scheduled appointment or not meet the program requirements, then the active reservation is forfeited and a backup moves up to take the active position. Upon forfeiture of reservation all deposits will be fully refunded.