The minimum household size is one person (1) and the maximum household size is three (3) 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 2021 federal tax returns. Because qualifying household size influences qualifying household income, applicants must identify household members that will be living in the BMR at the time a prescreen application is submitted.
Viewing the Property
Showings will be arranged for households who have 1) submitted a Program application to purchase the property; and 2) who have been deemed eligible to participate in purchasing the property.
SUBSIDY FUNDING SOURCES
Prospective first time homebuyers interested in purchasing the BMR townhome must submit a Prescreen Program Application. The Prescreen Program Application will be reviewed by BAAHA to provide a preliminary determination of the applicant’s Program eligibility. If deemed eligible, BAAHA will notify applicants to proceed to secure Program Approval. Ineligible applicants will have an opportunity to appeal for reconsideration.
Applicants may secure a prescreen application through one of the following methods:
The Kirker Pass Road BMR is available on a first come, first served basis. The first household to be Program qualified and Program approved will be able to purchase the property. BAAHA intends to prequalify up to three households to proceed with the Program and Purchase Approval process. BAAHA recommends that interested households submit their Prescreen Application immediately. Prescreen applications will be time stamped based on the time and date we receive the “fully” completed application by email (see instructions below).
If you have any additional questions, please contact BAAHA by email at email@example.com. Be certain to state that you are inquiring about the Concord Kirker Pass BMR and provide us with your email address. You can also call us at (800) 480-9020; however, BAAHA has a strong preference to communicate by emailto avoid miscommunication by either party.
BMR HOME OWNERSHIP
BAAHA is contracted by the City of Concord to administer the City’s BMR Program. BAAHA is involved and responsible for conducting all BMR application screening and overseeing the sale of the BMR property. If you have any additional questions related to the sale of this BMR, please contact BAAHA by email at firstname.lastname@example.org.
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.
First Time Homebuyer
PROGRAM PARTICIPATION PREFERENCES
BAAHA in conjunction with the City have established up to three subsidy resources that can be applied towards purchasing the Kirker Road BMR. These resources include:
The combination of these three sources could provide up to $92,000 of subsidies.
Households participating in any of the three subsidies must meet all BMR Program guidelines and requirements.
Submission of the BMR Prescreen Application will allow BAAHA to determine if you may be eligible to participate in any of the above referenced subsidies.
HUD-Approved Homebuyer Education
BMR ownership comes with restrictions and responsibilities that owners must adhere to. Restrictions on the BMR will be in place for a forty-five (45) year term commencing the date the purchase transaction closes. These restrictions include, but are not limited to:
To learn more about BMR home ownership, please click here.
YOUR NEXT STEPS
THE PURCHASE PROCESS
BEFORE YOU APPLY...
Make certain to read the Program eligibility requirements provided below
Applicants must be 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 Prescreen Program application).
1 bedroom, 1 bathroom | 647 SqFt
Sales Price: $285,000
The complex offers a pool, spa, clubhouse and gym. HOA fees $377.
EXPANDED AFFORDABILITY FOR ELIGIBLE BUYERS
All household members on title must complete a HUD-approved homebuyer education course to purchase the Concord BMR unit. Click here to access sources to complete your approved education requirements. We also encourage applicants to conduct their own search for HUD-approved homebuyer education courses on the internet. A certificate of course completion is not a requirement to apply for the Prescreen Program, but is a requirement to close the purchase transaction.
The BMR’s asking sales price is $285,000; and, according to the listing agent, the property has a market value of approximately $330,000.
Occupancy of the Home
1. Determine if you are interested in and eligible to purchase this new BMR.
Start by reading and understanding the implications of owning a BMR property. To get an overview of BMR ownership, click here.
2. Confirm you meet all the eligibility requirements discussed above.
Review and understand the parameters outlined in the Program Eligibility Section. The approval process is comprehensive and requires applicants to submit detailed back up documentation to verify information you provide in your prescreen and 1st lender applications. To be eligible you must meet the following guidelines:
If you are interested in this particular property. BAAHA suggests you drive by the location and view the layout by viewing the virtual tour of the home provided.
3. Submit a BMR Prescreen Program Application
Refer to the Purchase Process Prescreen Application section for more information on starting the BMR Prescreen Application Process. Since this property is available on a first come, first serve basis, we strongly suggest that applicants immediately submit their application.
Applicants must meet the following eligibility requirements to purchase the Concord Below Market Rate home:
Eligible buyers for this BMR may be able to take advantage of subsidies that could significantly reduce the cost of home ownership, and increase the level of equity a homeowner can realize over the following five years. An eligible homebuyer purchasing this BMR may be eligible to secure the following financial benefits:
Click here to view HUD-approved Homebuyer Counseling agencies in the Bay Area.
Once a purchase contract is accepted by the seller, BAAHA will begin to prepare the Program documents to be submitted to the City for approval. The document preparation, review, and signature process could take up to sixty (60) days to complete.
Ownership of the BMR home requires that a household’s gross combined income may not exceed 80% of Concord’s Median Income, adjusted for household size. Maximum household incomes per household size are as follows:
Purchase Contract & Close of Escrow
PROGRAM ELIGIBILITY REQUIREMENTS
The household must demonstrate financial capacity to purchase the BMR. This will include:
Applicants who have been deemed eligible by BAAHA are required to secure full Program Approval. Full Program approval is a comprehensive process that includes and is not limited to:
Lender Approval - Prescreened Eligible Program applicants must secure first lender approval. You do not have to identify a lender to submit your Program Prescreen Application. If you currently do not have a lender, BAAHA can provide eligible prescreen applicants with a list of lenders who have extensive experience originating and underwriting loans for BMR properties. It is highly recommended that you work with a Program certified and experienced BMR 1st lender. The 1st lender is also required to provide BAAHA and the City documents to verify information provided in their Program and 1st lender applications.
City Program Approval - Upon securing 1st lender approval, BAAHA will conduct underwriting to submit and obtain City Program Approval. The applicant must receive both 1st lender and City Program approval to submit a purchase offer to the owner/developer.
Applicants who live and/or work in Concord will receive a preference in the application process. However, Concord residency and/or employment status is not a requirement for eligibility, and all individuals and households may apply. Preference will be applied towards Concord workforce/residents if more than one applicant is deemed eligible to purchase the property.
Maximum Household Income
|Household Size||1 person||2 people||3 people|
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