Below-Market Rate Condos at Marina Shores Towns
Hello Housing is pleased to be managing the sale of seven Below-Market-Rate (BMR) condos on behalf of the developer, Lennar. Home designs range in size from approximately 1,338 to 2,280 square feet of living space including: (1) two bedroom two and one-half bath, (5) three bedroom three bath and (1) four bedrooms three and one-half bath. Each condo also includes a two-bay tandem garage. The prices are set to $118,614 for a 2-bedroom, $130,544 for a 3-bedroom and $141,853 for a 4-bedroom. These prices were set to be affordable to low income (80% AMI) households. Income limits apply (see Income Limits table). 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, so a minimum of two people for a two bedroom, three people for a three bedroom and four people for a four bedroom. Households must have at least a 3% down payment and be able to qualify for a 30-year, fixed rate mortgage.
THE PRE-APPLICATION PERIOD IS NOW CLOSED
The lottery will be held on March 18th. The results will be emailed to all eligible pre-applicants with an assigned lottery number within 48 hours. The results will also be posted to this webpage. To be informed of future BMR opportunities being sold through Hello Housing, please register on our Stay Connected list by clicking the orange button to the right.
Features and Amenities at Marina Shores
Lennar is committed to creating a vibrant community at Marina Shores Towns:
- Impressive condos featuring 2, 3 or 4 bedrooms and 2.5 to 3.5 bathrooms
- Living space of approximately 1,338 to 1,963 square feet
- Two-bay tandem garages
- Nestled in the Fortman Basin of the Brooklyn Basin, which boasts spectacular views of the marina and waterfront
- Convenient commute to San Francisco on the nearby ferry
Learn more about what’s happening at Marina Shores.
Applicants can qualify for up to three preference points. The higher the number of preference points, the better your ranking will be on the waitlist. Applicants will receive 1 point each for the following criteria:
- At least one household member currently lives or works in Alameda
- All adult household members have not had ownership of a home in the previous three years
- The total size of current household is 4 or more
To qualify for the “Live or Work” preference point:
- A member of the household must work a minimum of 20 hours per week for a business within the corporate city limits for an employer who has a City of Alameda business license; or
- Households whose income is based on retirement or disability income must be able to provide documentation showing that this income is based on previous employment within the city limits to receive this preference point; or
- A household must have a primary residence (residential dwelling unit) within the city limits.
- PLEASE NOTE that employees who are employed as contract or temporary employees are not eligible for this preference point unless they have a primary residence within the incorporated city limits.
Income Limits (subject to change March 2016)
|Household Size||Income Limit at 80% AMI|
|1 person||Not eligible|
The Application Process
Buying a home, especially in the Bay Area, is an emotional journey. And because of the scarcity of affordable homes for sale, the competition to buy an affordable home in today’s market can be tremendous. Our goal is to create a qualification process that meets the Alameda Housing Authority’s program requirements AND is respectful of your time. With this in mind, we have broken the application process down into a few key steps.
What to Expect
Learn more about the homes
Hello Housing, Lennar and the Alameda Housing Authority do not discriminate against any persons on the grounds of race, color, religion, national origin, ancestry, sex, gender, gender identity, gender expression, sexual orientation, marital status, familial status, source of income, genetic information, medical condition, physical disability or mental disability, or any other category protected by law.