SANTA BARBARA, Calif. -

Seven affordable housing units are up for grabs and the City of Santa Barbara is accepting applications.

The condos are inside a 46 unit development, located on the 400 block of Chapala St., built in 2008.

Studio are going for about $160,000 while the price for the three bedroom unit is about $324,000.

But, if you're looking to buy then sell the property for profit, think again.

"This particular project has a 60 year restriction," said city employee Deidre Randolph. "When they sell it, prices are calculated and set by the city."

To qualify, you must be a full time resident of the city, have a credit score of at least 620 and you can't own other property.

The minimum income eligibility ranges from $36,000 to $77,000, depending on the size of the down payment and the size of the unit.

Applications are due September 7th -- the lottery draw will take place at the end of the month.