The top three lottery winners will proceed to the next step. They must find a lender who can be approved by the City as an experienced lender for BMR purchases, and must qualify for a loan. EPACANDO and BAAHA have identified lenders who have extensive experience originating loans to buy BMR properties and are likely to merit City approval.
2330 University Avenue*
East Palo Alto, 94303
2-Bedroom, 2-Bathroom | 980 Square Feet (per tax records)
Projected sales price: $261,800
*To maintain and respect privacy for the current owner, the unit number for the condominium will be provided after the purchase lottery is conducted.
Applicants must meet the following eligibility requirements to purchase the EPA Below Market Rate home.
The minimum household size must be at least two people. All non-minor household members that are not dependents must be on title when the property is purchased. Qualifying dependents must be designated on 2019 federal tax returns.
If you have any additional questions, please contact BAAHA by email at firstname.lastname@example.org. Please make certain to state that you are inquiring about the East Palo Alto BMR and provide us with your phone number.
Once a lottery-winning applicant has secured approval of a lender by the City and approval of a loan by the lender, EPACANDO and the City will review and make a determination on the applicant’s Program eligibility based on the eligibility requirements outlined above.
All prospective homebuyers interested in purchasing the BMR condominium must submit a Lottery Application. The Lottery Application will be reviewed by BAAHA to provide a preliminary determination of the applicant’s Program eligibility and to establish the applicant’s Program preferences. Lottery applicants will be notified by BAAHA as to whether BAAHA has determined them to be eligible for the lottery or not, and with which preferences. Applicants will have an opportunity to appeal for reconsideration. Applicants who pass the preliminary eligibility screening may participate in the lottery. However, the preliminary screening does not provide Program approval for the applicant. Top-ranked lottery applicants will be required to go through a comprehensive Program approval process.
Separate preference points are provided for the live and the work category. Work eligibility is based on your employer’s address, not your home address. Working at home due to COVID-19 does not fulfill the work in East Palo Alto preference requirements.
For a household to qualify for a particular preference, only one member of the household needs to meet the requirement.
A PDF copy of the BMR lottery applications, with comprehensive instructions, can be downloaded by clicking here. The application period will be open until 5:00 PM Friday, February 19, 2021. The lottery is projected to be held during the first week of March. Read all the application instructions provided prior to filling it out. Incorrectly filled out or incomplete applications will be rejected.
East Palo Alto has established lottery preferences that promote ownership for first time homebuyers that reside and work in EPA. Preferences are not a requirement to apply. However, a preference scoring system will be applied in drawing and ranking priority applicants at the lottery. Preferences include:
The household must demonstrate financial capacity to purchase the BMR. This will include:
The City of East Palo Alto (EPA) contracts with a local non-profit housing agency, EPACANDO, to administer their BMR Program. EPACANDO works directly with the Bay Area Affordable Homeownership Alliance (BAAHA), to assist in the sale of the EPA BMR. BAAHA is involved with conducting all BMR application screening, lottery, and sales activities. If you have any additional questions related to the sale of this EPA BMR, please contact BAAHA (www.myhomegateway.org) by email at email@example.com.
by 5:00 PM Friday
February 19, 2021
Applicants must be first time homebuyers. To be a first time homebuyer, all members in the household may not have owned a real property in the past three years (from the time you submit your lottery application).
70% Area Median Income is based on the income limits provided by the California Department of Housing and Community Development (CDHCD).
All household members on title must complete a HUD approved homebuyer education course to purchase the East Palo Alto BMR unit. Click here to access sources to complete your approved education requirements. We also encourage applicants to conduct your own search for HUD approved homebuyer education courses on the internet. A certificate of course-completion is not a requirement to apply for the lottery, but is a requirement for purchase.
Viewing protocols have been established to maintain industry-established COVID-19 safety requirements:
A virtual 3D tour of the exterior and interior of the property is available by clicking here. To maintain and respect privacy for the current owner, the unit number for the condominium will be provided to lottery winners, after the lottery is conducted. The highest ranked lottery winners will be able to visit and view the property prior to entering into a purchase contract.
Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to. Restrictions on the BMR will be in place for a fifty-five (55) year term which commences on the date of purchase. Primary restrictions during the restriction period include:
To read more about BMR home ownership, click here.
Ownership of the BMR home requires that a household’s gross combined income may not exceed 70% of San Mateo County’s Area Median Income (AMI), adjusted for household size. Maximum income allowances per household size are as follows:
The property may not be purchased as a rental property. The owner(s) of the home must be a full time resident(s) who occupy the home as their primary home.
Plan of the available BMR unit at 2330 University Ave in East Palo Alto.
At this point in the process, with all approvals in place, the applicant will submit a purchase contract to the BMR seller. Once a purchase contract is signed, it will take approximately 45 days to close the purchase escrow, to actually buy the BMR home
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