The top lottery winning applicants who have received 1st loan and BMR Program approval can proceed with submitting a purchase contract. It will take approximately 45 days to close the purchase escrow, once a purchase contract is signed.
THE APPLICATION WINDOW IS CLOSED. APPLICATIONS RECEIVED AFTER 5:00PM ON NOVEMBER 27, 2020 WILL NOT BE ACCEPTED.
1388 Broadway #268
Millbrae, CA 94030
2 bedroom, 2 bathroom condominium in the Park Broadway complex | 1,276* square feet(*per tax records) | $517,065 | HOA $505.00/month
Description from listing: "Condo is located on the 2nd floor facing El Camino Real. Washer and dryer hook-ups in the unit. Two assigned parking spaces and extra storage area. Monthly HOA fee is $505 per month, including water, garbage, professional management, gym, hot tub, recreation room, and outdoor courtyard and BBQ grill."
All household members on title must complete a U.S. Department of Housing and Urban Development (HUD) approved homebuyer education course from a HUD-approved agency to purchase a Millbrae BMR home. Click here to view HUD-approved agencies in the Bay Area. We also encourage applicants to conduct their own search for HUD-approved homebuyer education courses on the internet. Education certificate must be provided to BAAHA by the close of escrow.
This is a moderate income BMR unit in which a household’s gross combined income may not exceed 120% of San Mateo County’s Median Income, adjusted for household size. Maximum income allowances per household size are as follows:
The application deadline was
5:00 PM, Friday, November 27, 2020
Make certain to submit your application early. This will provide BAAHA staff additional time to review and provide input on your application and preference status.
Credit: Google Street View
Only one person in the household needs to currently live and/or work in the City of Millbrae to receive a preference in the lottery.
Separate preference points are provided for the live and work categories. Work eligibility is based on your employer’s address, not your home address. Working at home due to COVID-19 guidelines may not in itself fulfill the work in Millbrae preference requirements.
The City of Millbrae has established lottery preferences that promote ownership for first time homebuyers that reside and work in the Millbrae community. Preferences are not a requirement to apply. However, a preference scoring system will be applied in drawing priority applicants at the lottery.
If you have any additional questions, please contact BAAHA by email at firstname.lastname@example.org. Be sure to state that you are inquiring about the Millbrae BMR and provide us with your phone number. Register at BAAHA’s website to receive updates on Millbrae’s and other BMR related home ownership activity in the region. You can register by clicking here.
There will be a strong preference given to 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).
The household must demonstrate financial capacity to purchase the BMR. This will include:
To obtain more general information about BMR home ownership restrictions and guidelines, please click here.
Applicants must meet the following eligibility requirements to purchase the Park Broadway Below Market Rate home:
Upon securing 1st lender approval, BAAHA and the City will review and make a determination on the lottery winners’ Program eligibility. Program approval will be provided to applicants who have met all the eligibility requirements outlined above.
Viewing protocols have been established to maintain industry established COVID-19 safety requirements. A virtual tour of the exterior and interior of the property is provided by the listing agent of the property and is accessible by clicking here – 1388 Broadway #268 Virtual Tour. Due to COVID-19 restrictions, the highest ranked lottery winners will only be able to view the property after they have been approved for their 1st mortgage loan (see below). Please make certain to respect the privacy and safety of the current owner.
BAAHA will be working with and for the City Millbrae to administer all activities related to the review, screening, lottery, and approval of BMR buyers.
The top three lottery winners will be required to secure 1st lender approval from a BAAHA approved BMR lender. Not all lenders are able to provide a 1st mortgage loan on a BMR property. BAAHA will screen lenders to assess their capacity to provide financing for the BMR purchase.
The first step of the purchase process begins with the submittal of a Lottery application. Buyers are not able to proceed forward with the purchase process unless a lottery application has been filled out and submitted by the applicant directly to BAAHAprior to the deadline date. A PDF copy of the BMR lottery applications, with comprehensive instructions, can be downloaded by clicking here. The application period will be open until 5:00pm, Friday, November 27, 2020. Make certain to carefully read and follow all the Lottery Application instructions prior to submitting your application.
BAAHA will provide a Notification of Lottery Eligibility which will provide all applicants:
The lottery application window is now closed. Applications received after 5:00PM on November 27, 2020 will not be accepted. The lottery is projected to be held at the last week of November.
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. Maximum household size should not exceed 5 people.
The property is currently being prepared to be brought on the market.
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