Directory
Below Market Rate (BMR) Home Ownership Restrictions
BMRs comes with responsibilities and restrictions BMR owners must adhere to. Restrictions on the BMR are in place for forty-five (45) years from the date of purchase. Key ownership restrictions include:
- At the time of resale, the City will assign a maximum resale price the BMR can be sold at.
- The BMR must be sold to an eligible city approved buyer.
- BMRs have refinance guidelines and restrictions. All refinances must be approved by the City
- The property must be maintained in good condition at all times.
- The BMR owner is required to maintain full time residency for at least ten out of twelve months a year. Strict restrictions disallow the property to be rented out.
- Guidelines and restrictions govern the requirements and capacity to pass property title to an heir, and to any non-BMR Program eligible household. All BMR title transfers must be reviewed and approved by the City.
To learn more about BMR home ownership, click here.
City of Walnut Creek
Below Market Rate Ownership Opportunity
555 Ygnacio Valley Road #108, Walnut Creek, CA 94596
Cummings Park Complex
One-bedroom and one and one-half-bathroom, two level condominium / 1,028 Square Feet (per tax records)
Current Approximate Maximum Sales Price: $250,000*
Current Monthly Home Owners Association Fee: $700
*Maximum finalized exact sales price to be assigned prior to sale
The Below Market Rate (BMR) unit at 555 Ygnacio Valley Road #108 is a spacious 1,028 square foot two level home that has an upper floor bedroom, and 1.5 baths. This condo is located in the heart of Walnut Creek within a five-minute walk from downtown and BART, and is close to shopping, dining, and entertainment at Broadway Plaza. The spacious condo is in excellent move in condition. Residents have access to an array of amenities, including a rooftop deck with fire pit and BBQ grills, a fully equipped gym, media room, maintained courtyard, and a secure, controlled-access building and parking structure. Included with this home is a washer/dryer and storage unit.
Before submitting a lottery application...
households must read and be responsible to understand all the information provided in this website. Questions regarding information provided in this website can be directed to BAAHA at info@myhomegateway.com. Information provided in the application must be accurate and truthful. BAAHA will not allow applicants to resubmit an application with adjusted information. Your application must be filled out in its entirety and provide all relevant information requested. Applicants must review the requirements and directions provided in the Lottery Application instructions, prior to filling out and submitting the Lottery Application.
BAAHA
The City of Walnut Creek (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA), a non-profit 501c3 organization, to administer the sale of the City’s BMRs. BAAHA provides the following services to oversee the sale of the City’s BMRs:
- Conducts outreach directed to the Walnut Creek community to increase awareness of affordable BMR purchase opportunities.
- Coordinates and directs households to homebuyer education and counseling resources
- Collects and screens BMR purchase eligibility applications submitted by prospective BMR buying households
- Manages the Program application intake, underwriting, and Program eligibility screening. Conducts the BMR lottery.
- Responsible for directing, supporting, and implementing all steps and aspects of the BMR program approval, purchase, and closing process
BAAHA’s administrative director, Walter Zhovreboff, is the real estate broker representing the sale of the property through Home Quest Realty (DRE# 00661978).