First Citizens Bank (FCB) will provide up to a $30,000 down payment and closing cost assistance (DCAP) grant at the time the property is purchased. The $30,000 DCAP Grant provided by FCB is a grant (it is not a loan) and does not have to be repaid by the borrower. The grant is available for first time homebuyers whose gross combined household income is less than $116,000. DCAP recipients must also meet all qualifying City BMR guidelines. In addition, DCAP participants must secure their first mortgage from FCB. FCB offers DCAP participants a significantly discounted fixed mortgage interest rate; which further expands the household’s purchasing power.
Submission of the BMR Lottery Application will allow BAAHA to help determine if you may be eligible to participate in the DCAP Program.
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:
To learn more about BMR home ownership, please click here.
1. Determine if you are interested in purchasing this BMR.
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 email@example.com. 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.
First Citizens Bank is a Federal Home Loan Bank member and has access to WISH subsidy funding. BAAHA also has access to WISH funding; and will allocate funds on a case by case basis in conjunction with working with Program Certified lenders.
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:
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:
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.
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.
After BAAHA has determined you can move forward, you will proceed to the next step.
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.
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).
|Maximum Household Income|| $118,300 |
| $147,900 || $159,750 |
Applicants must meet the following eligibility requirements to purchase the City's Below Market Rate home.
Eligible BMR buyers may be able to gain access to homebuyer down payment assistance subsidies. The Subsidies referenced below may be applied jointly or individually. When combined, eligible applicants may be able to secure up to $59,000 in down payment assistance. The dollar level of subsidies provided is determined on an as needed basis by the subsidy provider. Subsidies are available from BAAHA Certified lenders (see Certified Lenders below).
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.
The essential steps to purchase the Concord 2033 Sierra Road #1 BMR include:
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 firstname.lastname@example.org. Please make certain to state that you are inquiring about the Concord BMR and provide us with your phone number.
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:
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.
The Federal Home Loan Bank (FHLB) WISH Program is a hybrid loan and grant subsidy program. Buyers applying for the WISH Program to purchase the 2033 Sierra Road BMR must have household incomes that are at or less than 80% of Contra Costa County’s area median income; and also meet all City BMR ownership guidelines. Key elements of the WISH Program include (and are not limited to):
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 .
2033 Sierra Road #1
2 Bedroom 1-1/2 Bathroom Two Level Condo
788 Square Feet (per tax records)
Approximate sales price: $399,000
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 $386.
The City of Concord (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA www.myhomegateway.org), 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 email@example.com.
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.
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