Below-Market Rate Homes at Woodbury Highlands
Hello Housing is pleased to be managing the sale of six (6), brand-new, Below-Market-Rate (BMR) homes on behalf of the developer, Davidon Homes, and the City of Lafayette. The pre-application period begins January 4th, 2021, and ends January 25th, 2021.
The homes are priced to be affordable to moderate-income (120% AMI) and low-income households (50% AMI). Income limits apply.
There will be an additional nine (9) homes available that will be released in 2022 and 2023, for a total of fifteen (15) BMR homes at Woodbury Highlands.
Information on the Homes
Number of homes available: 6
Four (4) Homes at 120% AMI
Two (2) 3 Bedroom/2 Baths Purchase Price: $679,572
HOA dues: $559/month
Interior Size: 1,360
Two (2) 2 Bedroom/1.5 Baths
Purchase Price: $642,538 HOA dues: $387/month
Interior Size: 1,136
Two (2) Homes at 50% AMI
Two (2) 2 Bedroom/1.5 Baths
Purchase Price: $242,575
HOA dues: $387/monthInterior Size: 1,136
Key Program Restrictions
What is a Below Market Rate Home?
A Below Market Rate Home (often called a BMR) is a home that has certain deed restrictions recorded on the property which ensures the home remains affordable for future generations. BMRs are often a result of public investment in affordable housing developments or a result of “inclusionary housing policy” which ensures affordable homes are built as a result of market-rate development.
What restrictions am I signing up for?
The most important restriction to understand is that your future selling price is restricted to the greater of:
- The price you pay for your home plus the depreciated value of any pre-approved capital improvements, or
- The total sum of an affordable purchase price that is affordable to a household earning no more than 120% or 50% of the current Area Median Income of Contra Costa, plus the depreciated value of any pre-approved capital improvements.
Additionally, these homes were developed to be occupied by homeowners, so all owners on Title must occupy the home as their primary residence.
Key Program Eligibility Requirements
- Eligible households* must have a minimum of one person per bedroom and a maximum two people per bedroom plus one.
*Household members must include dependents claimed on the buyer’s tax return and/or co-buyers that will be on title. Dependents and co-buyers must reside in the home. For the purpose of the application, unborn children will not be included as household members.
- Homebuyers must be able to qualify for a first mortgage with a thirty (30) year, fixed-rate, amortizing term with a reasonable interest rate, based on current market conditions.
- Households must provide documentation of completion of a HUD First Time Homebuyer Certification course.
- Households must have at least 3% of the purchase price for the down payment. Must be documented as available in your financial account(s) at the time of the application.
- All households must earn below 120% or 50% of the Area Median Income. Please note, depending on how much time has passed since the initial application is submitted, updated information may be required and can result in a household no longer qualifying for the program.
*Based on HCD Income Limits updated as of 4/30/2020
|Income Limit at 50% AMI||Income Limit at 120% AMI|
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 City of Lafayette’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 which means you will only have to compile a detailed application with supporting documentation if you have a reasonable chance of being offered the home for purchase.
How to Apply
- On January 4th, 2021 an Apply Now button will appear. Click the Apply Now button to submit your pre-application during the pre-application period: January 4th, 2021 – January 25th, 2021.
- If your pre-application is eligible, you will receive an email with your lottery ranking order. The households at the top of the list will be invited to attend a mandatory workshop to learn more about the program and how to prepare and submit a complete application with copies of relevant financial information.
- Complete applications received from workshop attendees by the application deadline will be screened in lottery ranking order for income eligibility, lender qualification, household composition eligibility, and other requirements outlined in the City of Lafayette.
The income of spouses will be included in total household income, regardless of whether the spouse is currently living with the household unless there is a legal separation agreement.
*Hello Housing projects future income based on the Gross Income set forth on each applicant’s income documentation for each source of income.
- As specific newly built homes become available for sale, Hello Housing will offer these homes to conditionally approved households for purchase, based on their ranking order.
Hello Housing, Davidon Homes, and the City of Lafayette 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.