Below Market Rate home (BMR) ownership Program is referred to as the BMR Program. This program can provide a significant discounted purchase price for designated and assigned homes in Concord. These homes are made available for eligible low to moderate income first time homebuyers.
BMR inventory is generated through new residential developments or the resale of existing City BMR homes. The City requires some developers to sell a portion of their newly constructed homes at an affordable sales price. These homes must be sold to eligible low to moderate income first time homebuyers. The City is anticipating that new BMR inventory will enter the market within the following twelve to twenty-four months. The City also currently has over thirty (30) BMR homes in their inventory. Purchase opportunities arise when an existing BMR homeowner decides to sell their BMR.
Concord currently does not have any BMR homes for sale. However, BMR homes may become available at any time in the future. BAAHA will update this page when Concord BMR opportunities become available.
BAAHA encourages households interested in purchasing a BMR in Concord to periodically visit this website and to provide you name and contact information to BAAHA by clicking here. By providing your contact information, BAAHA will be able to inform you when a Concord BMR becomes available.
For additional general information regarding BMRs click here.
To provide BAAHA your contact information click here.
First time homebuyer down payment assistance loan program is referred to as the First Time Homebuyer Program (FTHB). The FTHB Program expands a homebuyers purchase capacity by providing eligible households up to a $60,000 subsidy in the form of a shared appreciation loan. Proceeds from the subsidized loan can be applied towards increasing the homebuyer’s down payment and to assist with closing costs. The FTHB loan does not charge an interest rate or require monthly payments. The loan must be repaid in full within 15 years, at which point the City receives the original principal amount plus a share of the home's increased value.
Below Market Rate (BMR)
Home Ownership Program
Concord First Time Home Buyer Programs
Further reading...
City of Concord First Time Home Buyer Down Payment Assistance & Below Market Rate Homeownership Programs
The City of Concord offers two programs that assist low to moderate-income first time homebuyers to purchase a home in Concord. The delivery of these programs focuses on guiding first time homebuyers through homebuyer education, eligibility requirements, financial readiness, and steps required to become a homeowner.
The City and BAAHA, strive to assist first time homebuyers to understand what to expect, stay informed throughout the process, and successfully navigate the steps to purchasing a home in Concord. The two specific programs offered include:
◉ First time homebuyer down payment assistance loan program
◉ Below Market Rate home (BMR) ownership Program