Important dates and links here...
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First Citizen's Bank Loan/Grant
First Citizens Bank (FCB) provides a $15,000 subsidy loan which mirrors the WISH Subsidy guidelines and parameters. The primary difference is the FCB subsidy loan program does not require a minimum down payment to secure funding. However, keep in mind that the Pacifica Heights BMRs have a minimum 3% down payment requirement.
Both the WISH and FCB Subsidies are subject to funding availability. First Citizen’s Bank (FCB) is a BAAHA Pacifica Heights Certified Program lender that provides access to the FCB and WISH subsidies. Program BMR homebuyers must secure their 1st loan funding from First Citizens Bank to secure the $15,000 FCB down payment assistance subsidy. Households who secure both subsidies, will be able to decrease their first loan balances by $47,000 and increase their equity in the property by $47,000 over a five-year period.
Submission of BAAHA’s Pacifica BMR Lottery Screening Application will allow BAAHA to provide a preliminary assessment of the household’s eligibility to participate in the above down payment assistance subsidies. Neither the City or BAAHA can assure the availability of future subsidy funds.
BMR Home Ownership
BMR owners must adhere to stipulated ownership restrictions and responsibilities. BMR restrictions are in place for a forty-five (45) year term, and commence on the date of purchase. Restrictions include:
Program Application
Due by 5:00PM Friday July 25, 2025
BMR Lottery
Date to be announced, projected for August 2025
Photos & Virtual Tour
Click here to view (coming soon)
If you have any additional questions, please contact BAAHA by email at info@myhomegateway.com. Please make certain to state that you are inquiring about the Pacifica BMR and provide us with your phone number.
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Maximum Household Income Allowances
Four Bedroom (Unit #829) and Three Bedroom (Unit #831) Homes – the maximum income allowance to own these BMR homes may not exceed 120% of San Mateo County’s Median Income, adjusted for household size.
Two Bedroom (Unit #845) and Three Bedroom (Unit #839) Homes – the maximum income allowance to own these BMR homes may not exceed 80% of San Mateo County’s Median Income, adjusted for household size.
Specific maximum income allowances per household sizes are depicted in the below tables:
Occupancy of the Home
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 for at least 10 months out of every 12 months.
Pacifica Heights Townhome Style Condo BMRs
City Program Approval
Upon securing first lender approval, BAAHA and the City will conduct a thorough review and analysis to determine the applicant’s 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
Federal Home Loan Bank WISH Program Loan/Grant
The Federal Home Loan Bank WISH Program loan/grant provide Low income 80% AMI households up to a $32,000 down payment and closing cost assistance loan/grant. Funds are provided at the time the BMR property is purchased. The $32,000 subsidy is provided as a five-year forgivable loan in which the principal balance of the loan is forgiven by 1/5 each year. All first time homebuyer households whose incomes are at or below the 80% AMI income threshold may be eligible for this loan/grant. Participants in the FCB loan/grant must also meet qualifying parameters required by the City to purchase the Pacifica Heights BMR. To secure the FCB subsidy, BMR homebuyers must also obtain their first mortgage from FCB. Eligible participant in the WISH Program could secure the following benefits:
- The amount of subsidy provided is equal to four times the amount the household contributes towards their down payment, with a maximum $32,000 funding cap. Accordingly, a household contributing $8,000 (or more) towards their down payment would receive a maximum subsidy of $32,000 to purchase their BMR home.
- The WISH subsidy is forgiven by 1/5 of the subsidy amount each year over a five-year duration. The loan is totally forgiven after five years. To receive the full forgiveness of the principal balance, the household must reside as a full time resident during the five years of ownership.
- There is no interest charged on the loan, and no payments are required. If any of the following events occur during the five-year term, the owner will be required to pay back the prorated loan balance for the remaining term of the loan.
- The property transfers ownership/title – including renting out the property
- The property is refinanced with a cash out loan
- The property transfers ownership/title – including renting out the property
Outside of the 80% maximum area median income allowance, the WISH program incorporates very similar program requirement that are applied by the City of Pacifica’s above stated BMR guidelines.
Purchase Contract and Close of Escrow
Upon securing 1st loan and City Program approval, the applicant will be required to submit a contract to purchase the BMR. The purchase contract will be prepared by a real estate agent who represents the builder/developer of the Pacifica Heights Complex. Once a purchase contract is ratified (signed by seller and buyer), it will take approximately thirty days to close the purchase escrow and secure ownership to the BMR home.
Program Lottery Preferences
The City has established lottery preferences that promote ownership for first time homebuyers who reside and work in the City of Pacifica. Preferences are not a requirement to apply. However, a preference scoring system will be applied in ranking priority applicants drawn at the lottery. Preferences include:
HUD-Approved Homebuyer Education
All household members on title must complete a HUD-approved homebuyer education course to purchase the Pacifica BMR unit. Click here to access sources to complete your approved education requirements. BAAHA also encourage applicants to conduct your own search for HUD approved homebuyer education courses on the internet. Certificate of course completion isnot a requirement to apply for the lottery, but is a requirement for purchase.
All non-minor household members who are not dependents must be on title when the property is purchased. Qualifying dependents must be designated on 2024 federal tax returns. Dependents between the ages of 18 and 25 must be full time students (12 units). Spouses may not be designated as a dependent. Applicants must identify all household members that will be living in the home at the time application is submitted; including the relationship of each household member to the primary applicant.
BMR Lottery
All eligible applicants will be entered into a lottery. The lottery is scheduled to be conducted towards the beginning August 2025.
The Next Steps
VIEW PHOTOS & VIRTUAL TOUR
Coming soon
Additional Program Subsidies
Household Size Allowances
The minimum and maximum household size allowances to purchase the BMR homes are depicted in this chart:
Program Eligibility Requirements
Applicants must meet the following eligibility requirements to purchase a City Below Market Rate home:
To learn more about BMR ownership guidelines and restrictions click here.
Property Overview
The City of Pacifica has four (4) newly built spacious three level Below Market Rate (BMR) townhome style condos. The Pacifica Heights Fassler Avenue townhomes style condos offer a rare BMR purchase opportunity. Eligible BMR buyers will be able to take advantage of owning a townhome style condo that has been designed with modern architecture, spacious layouts, and energy-efficient features. These townhome style condos ensure a comfortable and environmentally responsible lifestyle. Residents at Pacifica Heights are treated to breath-taking ocean and canyon surroundings and views. A brief overview of property details is provided below:
coming soon
The Purchase Process
Debt Ratio Requirements – the debt ratio represent the monthly cost of home ownership combined with the monthly costs to maintain the household existing debt. A household’s monthly debt equates to the combined minimum monthly payment required by each creditor. The monthly debt payment is added to the housing costs and the sum is divided by the household’s gross combined monthly income. The debt ratio may not exceed 45% of the household’s gross income. Gross income is based on the income applied by the household’s Program Certified first lender to determine the housing and debt ratio.
City of Pacifica
Below Market Rate Ownership Opportunity
Pacifica Heights Below Market Rate Townhome Style Condos
Low Income - Two and Three Bedroom BMR
Moderate Income - Three and Four Bedroom BMR
Click here to view additional photos and the virtual tour...
Purchase price
The maximum purchase price for the BMRs is set by the City of Pacifica. A lottery winning eligible household may not offer a price that exceeds the assigned purchase price.
Downpayment & closing costs
A minimum 3% down payment is required to purchase a Pacifica Heights BMR home. The down payment must come from an established seasoned account maintained in a financial institution. Gifts from a relative applied towards a down payment are accepted. Gift must be provided from an established seasoned account maintained in a financial institution. Cash cannot be applied towards a down payment or closing costs. Closing costs will vary for each buyer, and are estimated by BAAHA to be at approximately 2% of the purchase price.
FICO score
A minimum FICO score of 640 is required for all non-dependent adult household members.
Housing and debt ratio minimums and maximums
A household purchasing a Pacifica Heights BMR must meet minimum and maximum housing and debt ratio requirements.
Housing Ratio Requirements – a housing ratio represents the financial relationship between the cost of owning the home and the household’s gross income. Housing ratios may be no less than 28% and no greater than 45%. Ownership costs applied to calculate a housing ratio include: monthly mortgage, property tax, mortgage insurance (if required), property insurance, and homeowner’s association payments. The total monthly ownership cost is divided by the household’s total combined gross earnings to yield a housing ratio. For example, if a household's gross monthly housing costs equal $3,500 and the gross combined monthly household income equals $10,000, then the housing ratio will equal 35%.
The table below provides an approximation of monthly housing costs for each of the Pacifica Heights BMRs. The monthly cost will vary for every household based on the amount of down payment provided and if the household will have access to Program Subsidies. Below housing cost estimates are based on current market conditions and are provided for example and planning purposes only. All eligible lottery winners will be required to secure a first mortgage loan from a BMR Program Certified Lender. The actual ownership cost payments derived by a real estate lender will be different for each household, and from the estimates provided below.
BMR Purchase Workshop
BAAHA will be providing a virtual (via Zoom) Program informational workshop sometime in mid-July 2025. An announcement for the date of the workshop will be sent to all applicants and published on BAAHA’s website. The workshops will provide an overview on:
- BMR ownership requirements, restrictions, and responsibilities
- Specific eligibility requirements to purchase the Pacifica Heights BMRs
- The steps and timeline to go through the purchase process
Questions and More Info
Lender Approval
The top three lottery winners will proceed to the next step.
- Find a lender who currently is, or can be Certified by BAAHA to finance a Pacifica Heights BMR purchase. BAAHA has identified and Certified lenders who have extensive experience originating purchase loans for BMR properties.
- Secure 1st lender approval from you first lender. A lottery winner may only proceed forward to initiate securing final City BMR Program approval after submitting a first lender approval to BAAHA.
Financial Eligibility Requirements
The table below represents a synopsis of property information and financial related requirements which must be met to purchase a Pacifica Heights BMR property.
BAAHA Below Market Rate (BMR) Program Administration
The City of Pacifica (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA) to assist in the sale of the Pacifica Heights BMR Homes. BAAHA administers the collection and screening of BMR lottery applications, conducting the BMR lottery, and the City’s BMR Program approval underwriting activities. Questions related to applying for and the purchase of these BMRs should be directed to BAAHA’s email at info@myhomegateway.com.
→ Household size
→ Household income
→ Financial eligibility
→ Occupancy of the home
→ HUD-approved homebuyer education
→ Program Lottery preferences
Determine if you are interested in purchasing one of the Pacifica Heights BMRs.
- Be certain you are interested in buying a BMR. Understand the implications of owning a BMR property. Click this link to get an overview of BMR ownership.
- Determine if you are interested in this specific property. BAAHA suggests you drive by the location and view the layout and pictures of the townhome provided at this link (coming soon).
Submit a BMR Lottery Application - You can obtain a BMR Lottery Application by downloading a PDF copy by clicking here or by requesting an application by email at info@myhomegateway.com. When requesting an application by email, make certain to state in your email that the application is for the Pacifica 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 lottery 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.
Attend Pacifica’s Program Informational Workshop – BAAHA in conjunction with the City of Pacifica plans to conduct a BMR Program informational workshop sometime towards the 2nd week of July 2025. Make certain to check on BAAHA’s website www.myhomegageway.org regarding the workshop date. BAAHA will also be distributing and sending out notifications regarding the workshop.
Live and/or Work
in Pacifica
Preference points are provided for households that have members that currently live and/or work in Pacifica. Work eligibility is based on your employer’s address, not your home address. Working at home does not necessarily fulfill the work in Pacifica preference requirements. For a household to qualify for a live/work preference, only one adult member of the household needs to meet the requirement.
Household incomes are based on gross earnings from all sources of revenue. BAAHA and the City will make a determination if any of the household’s income sources are exempt from establishing the household’s annual gross Program qualifying income. A household’s gross income also includes imputed Income from non-exempt household financial assets (CA Regs Title 25).
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First Time
Homebuyer
Highest preference points are provided to households in which all non-dependent members in the household are first time homebuyers. To be deemed a first time homebuyer, all members may not have been on title or owned a real property in the past three years (from the time you submit your lottery application).
Viewing the Property
A link to a virtual tour of all the BMRs will soon be made available at this website. Eligible Pacifica Heights BMR lottery participants will be invited an open house to tour the BMRs after the lottery is conducted. Households are invited to drive by the properties at 801 Fassler, Pacifica for a preliminary view of the development and the surroundings. Images of the properties and surrounding area are available to view below.
- 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.
- The property may not be rented out.
- There are guidelines and restrictions regarding passing title. All property transfers must be submitted to and be approved by the City.
All prospective homebuyers interested in purchasing the Pacifica Heights BMRs must submit a Lottery Application. The City and BAAHA have not yet determined the date of the lottery. Applications for the Pacifica Heights lottery must be submitted by no later than 5:00PM Friday July 25, 2025.
BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility and to establish the applicant’s Program preferences. Applicants will have an opportunity to appeal an ineligible determination for reconsideration. Applicants who pass the preliminary eligibility screening may participate in the lottery. The preliminary screening to participate in the lottery is not a Program approval. Top-ranked lottery winning applicants will be required to go through a comprehensive City BMR Program approval process.
A PDF copy of the BMR Lottery Application, with comprehensive instructions, can be downloaded by clicking here.