The household must demonstrate financial capacity to purchase the BMR. This will include:
The property is currently being prepared to be brought on the market.
Credit: Willows Townhomes Apartments
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.
680 Fargo Avenue
Townhome at the Willows Townhomes Complex
San Leandro, 94578
2 level townhouse | 2 bedroom, 1.5 bathroom | 850* square feet(*per tax records) | $235,000* (*projected sale price)
680 Fargo Avenue is currently being prepared to be placed on the market. To maintain and respect the privacy of the current owner, the unit number will be provided prior to the lottery date. A final sales price will also be provided at the time. The application period is now closed.
Viewing protocols have been established to maintain industry established COVID-19 safety requirements. A virtual tour of the exterior and interior of the property will be set up on BAAHA’s website sometime by or before November 23, 2020. To maintain and respect privacy for the current owner, the unit number for the townhouse will be provided at this time. Due to COVID-19 restrictions, the highest ranked lottery winners will be able to view the property after they have been approved for their 1st mortgage loan (see below).
To learn more about the general requirements and restriction of BMR home ownership,click here.
Applicants must meet the following eligibility requirements to purchase the Fargo Below Market Rate home.
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).
Credit: Willows Townhomes Apartments
For additional information and questions please contact BAAHA by email at email@example.com. Be sure to state that you are inquiring about the San Leandro BMR and provide us with your phone number.
This is a low income BMR unit. Gross combined income may not exceed 80% of Alameda County’s Area Median Income (AMI), adjusted for household size. Maximum income allowances per household size are as follows:
BAAHA will be working with and for the City of San Leandro to administer all activities related to the review, screening, lottery, and approval of BMR buyers.
A PDF copy of the BMR lottery applications, with comprehensive instructions, can be downloaded by clicking here. The application period is now closed. The lottery is projected to be held towards the last week of December 2020.
Only one person in the household needs to currently live and/or work in the City of San Leandro to receive a Live/Work preference in the lottery for the BMR home at 680 Fargo Avenue,.
Separate preference points are provided for the live and work category. Work eligibility is based on your employers address, not your home address. Working at home due to COVID does not fulfill the work in San Leandro preference requirements.
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 San Leandro 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.
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 top three (3) 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 loan on a BMR property. BAAHA will screen lenders to assess their capacity to provide financing for the Fargo Avenue BMR purchase.
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 tax returns. Maximum household size should not exceed 5 people.
The City of San Leandro has established lottery preferences that promote ownership for first time homebuyer residents and workers in the San Leandro community. Preferences are not a requirement to apply. However, a preference scoring system will be applied in drawing priority applicants at the lottery.
The Bay Area Affordable Homeownership Alliance, Inc. © 2020 | All Rights Reserved