Alameda’s Below-Market Rate Program

Hello Housing is pleased to be administering and monitoring the City of Alameda’s Below-Market-Rate (BMR) Program. As part of our program management activities, Hello Housing assists homeowners interested in selling, refinancing or making capital improvements to their home. Please see below for guidelines and requirements. We look forward to serving the great residents of the City of Alameda!

Program Guidelines for Refinancing

If you are a homeowner and wish to refinance you will first need to contact an experienced lender familiar with the City of Alameda’s BMR program and direct them to Hello Housing staff. Hello Housing will provide the lender a letter stating the BMR restricted value of your home and any other documentation requested. Sample subordination and program documents are available for lenders upon request to help determine if the 1st loan can work in conjunction with the City of Alameda’s BMR program. Please note that the City of Alameda will only subordinate to a new 1st loan if you are receiving no cash out. There is a $300 subordination fee payable to the City of Alameda.

Lenders will be required to submit the following documentation to Hello Housing as part of the refinance eligibility screening:

  • 1003 completed loan application
  • 1008 or other loan underwriting form indicating amounts and terms of all financing
  • A preliminary title report
  • A Loan Estimate and Closing Disclosure

Refinance package submittals can be emailed or mailed to:

Hello Stewardship – Alameda Refinance
PO Box 423690
San Francisco, CA 94142

Program Guidelines for Sale

Please note that the resale restrictions of your home are outlined in the “Resale Restriction Agreement and Option to Purchase” made between you and the City of Alameda at the time you purchased the home. If you wish to sell your home, you will first need to issue Hello Housing a Notice of Intent to Sell. Please send letters to:

Hello Stewardship – Alameda Resale
PO Box 423690
San Francisco, CA 94142

Program Guidelines for Capital Improvements

If you wish to make capital improvements to your home and would like to have the improvements considered when calculating the BMR restricted value to your home, please contact Hello Housing staff prior to the work being completed. If the improvements were not done in compliance with the Resale Restriction, the value of the improvements will not be captured in the BMR restricted value of your home.

Income Limits Vary Based on the Home for Sale

Each home is assigned an “income band” to ensure a variety of affordability throughout the City’s BMR program. When a home becomes available for sale, the maximum income allowed for that particular home will be used to identify an eligible buyer.

Resources to help get you started

HUD Counseling Agencies

Other Helpful Resources

Hello Alameda! Newsletter (Summer 2017)

Hello Alameda! Newsletter (Fall 2020)


Matt Franklin, President of MidPen and Hello Housing board president, believes everyone deserves quality, affordable housing.

Michelle is a proud new homeowner who purchased a Hello Housing NSP home in San Lorenzo.

Board Member Rick Jacobus is a national expert using data, not anecdote, to design more impactful affordable homeownership programs.

Mardie Oakes, President, blends finance, design and development to make places people thrive.

Jennifer Duffy, Vice President, turns opportunity into action with the Hello Housing team.

Apple lives in a new type of housing made possible by Senate Bill 962, sponsored by former Senate pro Tem Darrell Steinberg.

Larry shares a duplex with two housemates in an innovative residential program called the Family Teaching Model.

Tien is a proud new owner of an affordable home in Newark, as well a box full of tools to make home repairs easy.

Matt Warner, Program Director for Hello Stewardship, makes affordable homeownership happen.