HUD-Approved Homebuyer Education

Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to.  BMR Restrictions will be in place for a forty-five (45) year term.  The term for restrictions commences on the date of purchase.  Restrictions include:

  • The BMR must be sold at an affordable resale price that the City assigns at the time of the resale.
  • The BMR must be sold to an eligible buyer whom the City must approve.
  • There are refinance guidelines and restrictions. All refinances must be approved by the City.
  • The property must be maintained in good condition at all times.
  • There are strict restrictions that disallow the property from being rented out.
  • There are guidelines and restrictions in passing title to an heir and any other non-BMR Program approved individual(s).

To learn more about BMR home ownership, please click here.

1.    Determine if you are interested in purchasing this BMR.

  • Read all the information provided prior to taking your next steps.  Be certain you understand the restrictions, guidelines, and procedures required to become a BMR owner.
  • Be certain you are interested in buying a BMR.  Understand the implications of owning a BMR property.  Go to What is a BMR to get an overview of BMR ownership.
  • Determine if you are interested in this specific property.  BAAHA suggests you drive by the neighborhood.  A detailed view the layout and pictures of the condominium will be provided on this webpage by the fourth week of July 2023.

2.   Submit a BMR Application – You must have a current HUD homebuyer education certificate of completion, received within the past twelve months, to submit a Lottery Application (see above Homebuyer Education Section)   You can obtain a BMR Application by downloading a PDF copy (by pressing this link) or by requesting an application by email at  When requesting an application by email, make certain to state in your email that the application is for the Concord BMR.  BAAHA will contact you if any additional information is required regarding your application. Upon completing the review of your application, BAAHA will issue you a preliminary eligibility and preference determination.  We urge that applicants immediately submit their application so that BAAHA has time to review and provide you feedback on your application and preference status.

Applicants must secure a 1st mortgage loan approval from a BAAHA certified 1st mortgage Lender.  A BAAHA certified 1st mortgage lender must be able to approve and fund their first loan in conjunction with the City’s BMR Program and participating certified 1st lenders grant/subsidy terms.  Lottery winners that do not have a Certified lender will be directed to a list of Certified lenders by BAAHA.

​A Certified lender that is involved with providing additional downpayment assistance subsidies must always place the additional homebuyer subsidy in a subordinate position behind the 1st lender's loan and the BMR deed restrictions recorded on the property.

The household must demonstrate financial capacity to purchase the BMR. This will include:

  • A minimum 3% down payment ($12,270) is required.  All funds must be in a bank, trust, retirement, or investment account (no mattress money/cash is allowed).  The buyer should also have approximately $8,000 for closing costs and reserves.  Accordingly, a household should have access to approximately $20,000 in liquid funds to consider purchasing this property.  Gifts may be provided by first and second degree relatives.  All gift funds must be sourced. Reserve requirements may be held in accessible retirement accounts (401K, 403B, etc.).
  • Minimum FICO score of 640 for all borrowers involved in financing the purchase.
  • The cost of owning the home in combination with your current monthly personal debt service cannot exceed 45% of your gross earnings.

First Lender Approval

Program Lottery Preferences

City of Pleasanton logo

Financial Capacity

Household Size

First Time Homebuyer

Below Market Rate Homeownership


Homebuyer Purchase Subsidies

Additional Homebuyer Assistance Subsidies 

All prospective homebuyers interested in purchasing the BMR must submit an Application.  Applications are being accepted on a First Come, First Served basis.  All adult members on the Lottery Application must complete a HUD approved homebuyer education course prior to submitting a Lottery Application.   Press this link to access sources to complete your approved education requirements.

BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility.   Applicants will have an opportunity to appeal an ineligible determination for reconsideration.  Applicants who pass the preliminary eligibility screening may participate in the lottery.  However, securing preliminary screening and eligibility to participate in the lottery is not a Program approval.  Top-ranked lottery winning applicants will be required to go through a comprehensive Program approval process. 

A PDF copy of the BMR Lottery Application, with comprehensive instructions, can be downloaded by clicking this link .  

The City has established a lottery preference for households that have a household member(s) that live and/or work in the City of Concord.  At least one adult members on title must live or work in the City of Concord.

Ownership of the BMR home requires that a household’s gross combined income may not exceed 100% of Contra Costa County’s Median Income, adjusted for household size.  Gross income includes the household’s total income prior to all deductions from their payroll earnings. For self-employed individuals, the City will determine net income net income by reviewing and reconciling past tax returns, bank statements, and profit and loss statements.  Gross maximum household incomes are based on household size and cannot be greater than the amounts listed below:

Approved illustration

Your Next Step


All adult non-dependent household members must be first time homebuyers.  First time homebuyers may have not owned or otherwise have been on title of a home three years prior to submitting the City’s Below Market Lottery Program Application.

BAAHA Certified Lender


Upcoming Below Market Rate

Ownership Opportunity

2033 Sierra Road #1    


​​2 Bedroom 1-1/2 Bathroom Two Level Condo 

788 Square Feet (per tax records)
Approximate sales price: $345,000

The current maximum City allowed sale price for this BMR is $411,930.  Final pricing will be announced prior to the sale.  The current monthly Home Owners Association fee is $412​.​

The minimum household size allowed to purchase the property is two (2) people and the maximum household size is five (5) people.  All non-minor household members who are not dependents must be on title when the property is purchased.  Qualifying dependents must be designated on 2022 federal tax returns.  Because qualifying household size influences qualifying household income, applicants must identify household members at time of application. Spouses may not be claimed as a dependent.

Purchase Contract and Close of Escrow

Lottery Ticket illustration

After BAAHA has determined you can move forward, you will proceed to the next step.

  • Find a lender who currently is, or can be approved by the City to finance a City of Concord BMR purchase.  If you do not have a lender in mind; BAAHA has identified lenders who have extensive experience originating purchase loans for BMR properties, and are likely to merit City approval.
  • Secure 1st lender approval from you first lender.  A lottery winner may only proceed forward to enter into a purchase contract and securing a City BMR final Program approval after securing a first lender loan approval.

A virtual 3D tour of the exterior and interior of the property will be made available on this website by sometime around the first week of August 2023.  The highest ranked lottery winners will be able and required to visit and view the property prior to entering into a purchase contract.

2033 Sierra Road #1, Concord     

The City of Concord (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA, to assist in the sale of the 2033 Sierra Road #1 BMR.  BAAHA is involved with conducting all BMR application screening, lottery, and City Program approval and processing activities.   If you have any additional questions related to the sale of this BMR, please contact BAAHA by email at  

Housing Costs and Ratio Requirements

Application and Purchase Process

Occupancy of Home

Upon securing 1st loan and City Program approval, the applicant will be required to submit a purchase contract to the BMR seller.  Once a purchase contract is ratified (signed by seller and buyer), it will take approximately 30 to 45 days to close the purchase escrow and secure ownership to the BMR home.

Program participants may be disqualified from purchasing the BMR if their housing cost ratio is either below the minimum or over the maximum ratio allowances.

A housing ratio is the percentage relationship between total monthly costs to own the property in relation to the gross monthly household income that the City and/or first lender apply towards the housing ratio calculation.  Monthly housing costs include the principal and interest portion of the mortgage payment, property taxes, insurance, and home owners association fees (HOA). The housing ratio is calculated by dividing the total housing costs by the gross monthly household income.  The City and 1st lender derive the gross household monthly income applied towards the ratio calculation.  Gross household income includes the household’s total income prior to all deductions from their payroll earnings.  Program eligible households must have a housing ratio that falls between a floor of 28% (lowest allowed) and ceiling of 45% (highest allowed).

Viewing the Property

Maximum Household Income

​City of Concord First Time Homebuyer Program (FTHB)

Household Size
Maximum Household Income



Applicants must meet the following eligibility requirements to purchase the City's Below Market Rate home.

The City of Concord may provide an eligible household up to $40,000 in down payment and closing cost assistance subsidy to purchase the Bancroft Grove Whitman BMR.  Participants must meet all BMR eligibility requirements to participate in the FTHB Program.  The dollar amount of City FTHB Program funding provided to an eligible household is based on a need basis.  Funding limits are also set by the households gross income.  The FTHB subsidy is a shared appreciation loan.  No payments are required until the loan is due.  The term of the loan is fifteen years, however, the loan can be repaid, without prepayment penalties, at any time prior to the fifteen year term.  The payoff amount will equal the principal balance borrowed plus a percentage of the shared appreciation realized at the time the loan is repaid.  Repayment will be required at the time of sale. To learn more about Concord's First Time Homebuyer Program click this link.

Depending on availability, eligible Program applicants may have access to  additional down payment assistance subsidies.  Subsidies usually come in the form of grants or forgivable loans; and are made available through public agencies and private organizations.  BAAHA, upon reviewing your Program application, may be able to direct you to a subsidy provider.  Some of the additional subsidies that may be available include:

Federal Home Loan Bank WISH Program ( – up to $29,000 loan/ grant available for eligible low income first time homebuyers.  This subsidy is provided in the form of a five-year fully forgivable loan.

NeighborhoodLIFT Program (– up to $25,000 for grant eligible properties and homebuyers. 

Submission of BAAHA’s Concord BMR Lottery Screening Application will allow BAAHA to determine a household’s potential eligibility to participate in the City FTHB and/or other homebuyer assistance purchase grants. 

The property may not be purchased as a rental property. The owner(s) of the home must be full time residents who occupy the home as their primary home.

Questions and More Information

The essential steps to purchase the Concord 2033 Sierra Road #1 BMR include:

  • Read all the information provided on this webpage.  Be certain to understand the restrictions, requirements, and procedures to apply for the Concord 2033 Sierra Road #1 BMR.
  • Submit an Application
  • Submit a copy of your Certificate of course completion from a HUD certified homebuyer education course. 
  • This BMR is now first come, first served
  • After a preliminary review, you will be invited to view the property
  • You will be required to secure 1st loan approval from a BAAHA certified 1st mortgage lender
  • Upon securing 1st loan approval, the City will complete underwriting the file for City BMR Program approval
  •  Enter into a purchase contract to buy the BMR and undergo all required steps to close the purchase transaction.

 These steps are further discussed below:

Households must have a certificate of completion demonstrating completion of a HUD approved homebuyer education course within the past twelve months.  All household members on title must complete a HUD approved homebuyer education course to submit a Lottery Application and to purchase the Concord BMR unit.  Press this link 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 required to apply for the lottery.

Applications will be taken on a first come, first served basis.

If you have any additional questions, please contact BAAHA by email at  Please make certain to state that you are inquiring about the Concord BMR and provide us with your phone number.  

City Program Approval

Upon securing first lender approval, BAAHA and the City will conduct a thorough review and analysis to determine the applicant’s BMR Program eligibility.  Program eligibility will be based on the applicant fulfilling and meeting the Program guidelines outlined above. For review and reconciliation purposes, households will be required to provide supporting documentation to BAAHA, including and not limited to copies of:

  • Bank and investment/retirement account statements, to conduct their underwriting and approval process
  • Prior filed and signed tax returns
  • Payroll information, inclusive of W-2s, recent paycheck stubs, and verification of employment

​Any inaccurate or false information provided by the applicant in their Lottery Program Application and or in their BMR Lottery Preference worksheet could disqualify the applicant from securing final BMR Program approval.

Piggy Bank Illustration

First Come, First Served

Program Eligibility Requirements

Bay Area Affordable Homeownership Alliance