Bay Area Affordable Homeownership Alliance, Inc.

BMR and FTHB Program participant must adhere to the following owner obligations and restrictions:

Sale and Transfer of Title - No transfer, sale, or conveyance of the property title can occur without prior notification to the City and/or its Administrator. The City will review, assign, and require the owner to comply with specific transfer and resale protocols. Protocols will be consistent with Program requirements.

Refinance of Property - The owner may not refinance the property prior to notifying the City and or its Administrator. The City will review, assign and require the owner to comply with specific refinance protocols. Protocols will be consistent with Program requirements.

Renting Property - City strictly prohibits the home from being rented out. This is a strict requirement that the City will reinforce.

Title Changes - The City must be notified if there are any changes and/or transfers in title. The BMR deed restriction and the FTHB loan may not be assumed by another party.

Physical Condition of Property - Property must be maintained in good condition and within the City’s Health and Safety Code standards.

Program Monitoring – The City conducts Program monitoring for all properties and households that participate in a FTHB and/or BMR Program. The City and its administrator conduct annual public profile reviews on Program properties and also require homeowners to participate in a home monitoring review process.

Post Purchase Income and Asset Requirements – City FTHB and BMR Program participants are not required to obtain income or asset recertification after they have purchased their home. Participating Program household incomes and assets may rise above initial purchase required requirements. 

Below Market Rate (BMR) Homes
The Below Market Rate (hereinafter referred to as BMR) Program provides a source for expanding the inventory and ability to deliver long term affordable Concord homes to eligible Program participants.

The City mandates that designated new housing developments set aside a portion of homes built to be BMRs. BMRs are required to be sold to income and Program qualified low-to-moderate-income households.

BMR homes in Concord may sell between a ten percent (10%) to over a fifty percent (50%) discount from similar homes sold on the open market. For example, the most recent newly constructed Concord BMR home was a four-bedroom single family home which sold for $360,000. BAAHA estimates the median price for a four-bedroom home at the time of sale was close to $875,000.

BMR purchase opportunities are made available to Program eligible buyer when:

• BMR homes are provided through a newly constructed residential development.
  
• An existing BMR property is being resold. The City currently has over 30 existing BMRs in their inventory.
  

Long term affordability of BMR homes is generated through deed restrictions that can be for thirty (30) years or longer. These deed restrictions renew each time a BMR home is resold and/or transfers title.

The City of Concord is anticipating a number of newly developed BMR homes to be brought to market over the following twelve (12) to twenty-four (24) months.

Overview- City of Concord First Time Home Buyer Programs

BMR Income Limits are 120% of Contra Costa County’s median household incomes adjusted for household size. Maximum income allowances are limited to 120% of the Area’s Median income, as represented below. Households participating in the BMR program may not have incomes exceeding the dollar amounts represented.

Below Market Rate Program - Maximum Income at 120% of Area Median Income

Permitted Residential Property Types
The BMR and FTHB programs only allow the purchase of condos, townhomes, or detached single-family residences.  All properties must be built on a permanent fixed foundation (not movable).

First Time Home Buyer Down Payment Assistance Loan Program (FTHB)

FTHB  provides a financial resource to assist eligible first time homebuyers to purchase a home in the City of Concord.

FTHB  will provide eligible first time homebuyers up to $60,000 in a repayable loan to purchase a home in the City of Concord.

FTHB  funds can only be applied towards purchasing a home in Concord.  Homes purchased with FTHB  subsidies will be required to meet specific Program criteria and minimum property condition standards.

FTHB  has a fifteen-year term.  At the end of the term, borrowers are required to pay back the original FTHB  loan amount provided and a portion of the increase is sales price realized (if any) by the homeowner.

City funds can be combined with approved and designated partnering subsides to yield close to $100,000 in total household subsidies.

Household participating in The FTHB and/or BMR Program are required to meet Program eligibility requirements. The majority of City Program eligibility requirements apply for both the FTHB and BMR Programs.

Matched Eligibility Requirements for FTHB and BMRs
First Time Homebuyer and Ownership Title Requirements – all adult non-dependent household members must meet the following criteria and requirements.

• On title as owners when they purchase the BMR/FTHB home.
• All adult non-dependent household members may not have owned or been on title for any real property holdings over the past three years prior to submitting the FTHB application.
  

Spouses may not be claimed as a dependent. Adult non-minors, up to 24 years of age, must be full time students to be claimed as a dependent.

Financial Capacity Requirements – households are required to meet the following financial requirements:

• FICO Scores - All adult household members required to be on property title must have a FICO score that is greater than 640. BAAHA and the City recommend for households who do not meet minimum FICO score requirements to pursue additional credit counseling from a HUD approved homebuyer education and counseling provider.
• Adequate Funds for a Down Payment and Closing Costs–  Program participants must contribute a minimum 3% personal down payment toward the home’s purchase price. Closing costs may equate to an additional 2% to 3% of the purchase price. Closing costs include escrow fees, prepayment costs, and other real estate transaction costs.
  
• Minimum and Maximum Allowed Housing Ratio – a housing ratio is established to determine if a household is either under or overqualified to purchase a home. Households may not have housing ratios that are less than 28% and greater than 45%. Housing ratios are established by dividing the combined monthly costs of homeownership (mortgage, taxes/assessments, insurance, and homeowner’s association fees) by the household’s gross pre-tax household income. The first lender that approves and provides the households first mortgage loan will be providing the household and BAAHA the housing ratio.
  
• Adequate Earnings to Afford and Maintain a Home – Program participating households cannot spend more than 45% of their pre-tax income on the sum of their housing costs and monthly debt payments. This is commonly referred to as a household’s debt service.
  
• Household Assets – A household’s non-exempt total asset balance may not exceed 50% of the purchase price of the property they are purchasing. Exempt asset that are not applied to this ceiling include government approved retirement accounts, such as IRA and 403B accounts.
  

Property Bedroom Count Restrictions – a household’s bedroom limit is established by adding one to the number of people in the household. (See table below).

Type of Loan Subsidy
The City of Concord’s FTHB will provide up to a maximum $60,000 down payment subsidy in the form of a fifteen year deferred shared appreciation loan. The household will make no monthly payments during the term of the loan. The maximum loan amount may not exceed 20% of the purchase price of the property.

Repayment of Loan
The FTHB City subsidy loan will not require payments during its fifteen-year term. The entire loan balance plus shared appreciation must be paid to the City in one lump sum under the following circumstances (whichever occurs first):

• At the end of the fifteen-year term of the loan.
• At the time title is transferred to another household – including a sale, inheritance and/or gifts.
• If the property is rented out.
• If the FTHB property owner is in default with any of the provision provided in the FTHB promissory note, agreement, and deed of trust.

 Shared Appreciation
At the time of repayment, the City must be reimbursed for the original subsidy, plus a proportional share of the property appreciation. The level of shared appreciation is determined at the time of the purchase, and is based on the percentage the loan amount is in relation to the home's purchase price. An example of a shared appreciation payoff is illustrated below.

Additional Program Eligibility Requirements for FTHB
Property Condition – A minimum property condition threshold must be met to secure an FTHB City subsidy. Minimum condition requirements include:

• Home must be compliant of all state and local health and safety codes
• Home must not have any outstanding Section 1 items in need of repair. Section 1 items are established through a Termite/Pest report conducted by a licensed inspector. The report may not be older than 90 days from the date the property is identified by the FTHB participant. The Termite/Pest report may be ordered and supplied by either the Seller or FTHB participant.
  
• Home must be in good condition. BAAHA and the City may require that FTHB applicants also secures a Home Inspection report from a licensed Home Inspector prior to purchasing the property. This inspection could be ordered by the FTHB applicant or the seller.
  
• Home must meet all first lender property condition guidelines.
  

Property Pre-Sale Tenancy Status - The property must be vacant or occupied by its residing owner at the time of purchase. A tenant/renter living in the home may not be evicted/displaced prior to an FTHB participant taking possession of the home. A tenant may apply FTHB funds to purchase the home they are renting. 

Concord First Time Home Buyer Program

BMR & FTHB Program Owner Obligations & Post-Purchase Restrictions

Purchase price                                                            $600,000

FTHB Subsidy provided                                              $  60,000

Percentage of subsidy to purchase price                        10.00%

Sales price                                                                  $675,000

​Purchase price                                                            $600,000

Appreciation in price                                                    $  75,000

​Shared appreciation percentage                                     10.00%

Shared appreciation owed at payoff                            $    7,500

Repayment of FTHB loan:​

​     Loan amount at purchase                                       $  60,000

​     Shared appreciation at sale                                    $    7,500

                Total amount due at sale                               $  67,500

Terms for City of Concord’s FTHB subsidy

Imputed Income– The City computes and applies potential income from non-exempt assets. This further assure City Programs focus on households that need financial assistance. The City applies the State’s imputed income calculation (Reg Code Title 25) to establish imputed income added to a households’ gross income eligibility calculation. Under Title 25, ten percent (10%) of a households’ non-exempt asset are applied towards the household’s gross income. Five thousand dollars ($5,000) is deducted from the household’s non-exempt assets when calculating imputed income. Exempt assets include all government recognized retirement accounts.

Program Eligibility Requirements

​Maximum Income Allowances for FTHB and BMR Program
The FTHB and BMR programs have different maximum income allowances for Program participants.

FTHB Income Limits represented below are based at 150% of the Contra Costa County’s median household incomes adjusted for household size. Households participating in the FTHB may not have incomes exceeding the dollar amounts represented.

FTHB Down Payment Assistance Loan Program - Maximum Income at 150% of Area Median Income

​​​City of Concord First Time Home Buyer (FTHB) Down Payment Assistance & Below Market Rate Homeownership Program ​​​

APPLICATION

Program Administrator - Bay Area Affordable Homeownership Alliance (BAAHA)

The Bay Area Affordable Homeownership Alliance (BAAHA) is a 501c3 non-profit organization that was established in 2002. BAAHA’s core mission is to support cities in administering their low to moderate income first-time homebuyer programs. Since its inception, BAAHA has assisted cities in placing thousands of low to moderate income households into homeownership.

BAAHA will be assisting Concord to administer the City’s:

• First Time Home Buyer Downpayment Assistance Loan Program – referred to as the FTBH FTHB
• Below Market Rate home ownership program – referred to as the BMR Program
  

Administrative Director BAAHA - Walter Zhovreboff 
Contact information:
General Email: info@myhomegateway.com
Phone Number: (800) 480-9020

APPLICATION

Your Next Steps

Learn More About the Concord Programs
BAAHA will be posting additional detailed informational websites for Concords BMR and FTHB Programs. These websites will be completed and accessible between the third and fourth week of March 2026.

Homebuyer Education
Households are not required to have HUD approved homebuyer education certificate prior to submitting BAAHA’s Program Application. However, households are required to complete a HUD approved first time homebuyer education course prior to closing a Concord FTHB and/or BMR transaction.

BAAHA strongly encourages that prospective Concord Program participants complete a HUD approved first time homebuyer education course prior to submitting their Program Application. Homebuyer education empowers first-time buyers, reduces anxiety, and helps prevent common homebuyer pitfalls. Education provides essential knowledge on budgeting, credit management, and the mortgage approval process.
Primary homebuyer benefits derived from completing a HUD-approved course include:

• Financial Preparedness: HUD Courses educate how to prepare and budget for homeownership costs, such as mortgage, property taxes, insurance, and maintenance.
• Securing Improved Loan Terms: Homebuyer education participants learn how to improve credit scores, which can lead to better interest rates and, ultimately, lower monthly payments.
  
• Promote a Streamlined Process: Education helps buyers understand the purchase and closing process, which can lead to a faster and more seamless transaction.
  
• Enhance Long-Term Success: Studies show that educated buyers are more likely to make timely mortgage payments and remain in their homes.
  
• Fosters Informed Decision-Making: Buyers learn to compare lenders, understand different mortgage types, and determine what they can truly afford, reducing the potential risk of overextending their finances
  
• Access to Additional Complimentary Financial Subsidies: Households seeking to participate in Concord’s first time homebuyer programs must complete a HUD approved course prior to closing their purchase escrow. Providers offering additional complementary subsidies also require the completion of a HUD-approved education course. Some subsidy sources may require completion of HUD education prior to applying for the subsidy.
  

HUD approved education providers usually charge a fee to complete the HUD approved education course. A list of regional HUD approved education providers is available on the US Housing Urban Development Website located at:
https://www.consumerfinance.gov/find-a-housing-counselor/?zipcode=94519#hud_search_container

BAAHA frequently works with one of the listed education providers, A-1 Community Housing Services.

BAAHA in conjunction with the City of Concord will sponsor a free HUD homebuyer education course sometime in April 2026.

Concord Program Application Submittal and Underwriting Approval Process
FTHB Applications - BAAHA is currently starting to accept Program Applications for the FTHB City loan subsidy Program. BAAHA is working with the City to be able to reserve its first FTHB subsidy sometime towards the mid-April 2026. By submitting your application now, BAAHA will be able to provide you guidance on:

• Your household’s projected financial capacity to purchase a home in Concord
• Next steps you may be required to take to assure your Program eligibility and capacity
  
• Linking your household to available partnering programs, subsidies, and assistance
  
• Commence in taking steps to secure a FTHB program approval
  

All Concord Program applications will be processed by BAAHA to determine a household’s eligibility to participate in the FTHB Program. BAAHA will work with and guide Program Applicants through the FTHB Program approval, purchase, and closing process. BAAHA will also collaborate with your real estate agent and primary lender to facilitate the transaction process. Additional information regarding the FTHB approval, transaction, and closing process will be detailed in a supplemental informational website for Concord's BMR and FTHB Programs. These websites will be completed and accessible between the third and fourth week of March 2026.

BMR Applications - There are currently no Concord BMR units available and open for applications. Applications submitted now, for a future BMR listing, may be required to be resubmitted and updated to verify eligibility at the time a BMR unit becomes available.  However, all Concord Program applications will be processed to determine FTHB eligibility.

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