City of Concord’s Below-Market Rate Program

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

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 Concord’s BMR program (see list of lenders that the City is aware are familiar with the program below) 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 Concord’s BMR program. Please note that the City of Concord will only subordinate to a new 1st loan if you are receiving no cash out.

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 preliminary HUD 1

Refinance package submittals can be emailed or mailed to:

Hello Stewardship – Concord Refinance
P.O. 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 Concord 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 – Concord 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 Matt Warner at 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 included in the MLS listing.

Resources to help get you started

HUD Counseling Agencies


Program Income Limits (effective April 2020)

Income Limits: 120% of
Area Median Income* (AMI)
1 $100,150
2 $114,450
3 $128,750
4 $143,050
5 $154,500
6 $165,950

The maximum income limits vary by home, so some homes may have lower income limits. But, no home in the City of Concord’s BMR program can be sold to households that earn more that 120% of Area Median Income.


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.