Applications Open For Below-Market-Rate Homes

ALAMEDA, CA — A fresh opportunity is open to break into the housing market.

The City of Alameda is working with Rise Housing Solutions to accept applications from potential homebuyers and to hold a lottery from qualified applicants.

The deadline to submit your application is October 6, 2024. The lottery for qualified applicants will be held two days later.

At stake are homes typically priced between $115,000 and $500,000.

If you are looking for an advantage in the lottery, applicants to the Very Low and Low-Income waitlist can receive a maximum of one preference point based on the following criteria:

To qualify for one preference point, a member of the household must currently: 1) maintain a primary residence at an address located within the City of Alameda, 2) work for wages or salary within the boundaries of the City of Alameda, or 3) own or operate a business in the City of Alameda.

Applicants applying for the Moderate-Income waitlist may receive up to two preference points based on the criteria below:

To qualify for one preference point, a member of the household must currently: 1) maintain a primary residence at an address located within the City of Alameda, 2) work for wages or salary within the boundaries of the City of Alameda, or 3) own or operate a business in the City of Alameda. To qualify for one additional preference point, at least one member of the household must work for wages or salary for the Alameda Unified School District. There are currently dozens of job openings at the school district, from playground monitors to custodian to teachers. Apply for AUSD jobs here to increase your chances of getting a below market rate home.

The Rise Housing Solutions website has a wealth of information for potential applicants. Here is the information on the FAQS About The Homes For Sale tab.

Are any BMR homes for sale?
As homes become available, Rise Housing Solutions will inform those on the waitlist in ranking order.

Are new units or homes currently being built?
Should any new homes become available, Rise Housing Solutions will reach out to the waitlist in ranking order.

How much do BMR homes cost?
The price of homes will be determined based on the year the home was built, size of the home, the income category assigned to the unit, and the resale formula specific to the home. The resale formula is tied to the percentage change in either the Area Median Income (AMI) index depending on the restriction recorded on the home. Typically, homes sell in the range of $115K – $500k.

Can I use all cash to buy a BMR home?
No, there are limits to the amount of assets you may have at the time of application. For complete guidelines around assets, please see section 2.F in the Inclusionary Housing Homeownership Guidelines.

Why do I need to complete a homeowner monitoring recertification?
Rise Housing Solutions is charged with stewarding the BMR program for the City of Alameda, which requires yearly owner occupancy certification. A major tenet of the City’s program is owner occupancy.

How long do I have to live in the home before I can sell?
There is no set amount of time you must live in the home before selling it.

To read all of the available information and to submit a City of Alameda 2024 BMR Waitlist Ownership Application, visit this website.