Hello Housing is pleased to be managing the sale of seven Below-Market-Rate (BMR) homes on behalf of the developer, TRI Pointe Homes. The sales prices are set to be affordable to moderate-income households and income limits apply. The application period is open as of March 22, 2016 and will close on April 11th 2016 at 5pm. Three 2-bedroom, 2-bathroom homes priced at $323,369* and four 3-bedroom, 3.5-bathroom homes priced at $313,624* will be available for purchase. Each home will have recorded resale restrictions to ensure these homes remain affordable for future generations. Eligible households must have at least one person per bedroom, and the smallest homes are 2-bedroom homes. Households must have saved at least a 3% down payment and be able to qualify for a 30-year, fixed-rate mortgage. You may pre-apply for both the 2-bedroom and the 3-bedroom homes; each will hold its own lottery.
Household preference points for the 2-bedroom homes will be awarded to applicants with 3+ members. Household preference points for the 3-bedroom homes will be awarded to applicants with 4+ members.
Please select the appropiate circle below for more information and to apply.
*Please note that the 3-bedroom homes have a lower sales price than the 2-bedroom homes. Pricing, established by Alameda Housing Authority, is based on what price an income-eligible household can afford, after costs like property taxes, HOA dues and Direct Levy payments are accounted for. Given there are higher HOA dues and Direct Levy payments associated with the larger, 3-bedroom home, the sales price is lower than the two-bedroom home to ensure total housing costs (which includes the mortgage payment and mortgage insurance) are within the affordability requirements. Once all housing costs are tallied up, the overall housing cost per month for the 3-bedroom home will be higher than the 2-bedroom home.