Bay Area Affordable Homeownership Alliance

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.

Viewing protocols have been established to maintain industry instituted COVID-19 safety requirements.  You can take a virtual 3D tour of the property.  The highest ranked lottery winners will be able and required to visit and view the property prior to entering into a purchase contract.

BAAHA Certified Lender

Program Lottery Preferences

Purchase Contract and Close of Escrow

   Household Size34567
   Maximum Household Income
$98,650$109,600$118,400$127,150$135,950


Front view of three bedroom townhome

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.  Eligible applicants may be able to secure up to $52,000 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).

BMR Ownership Opportunity

Concord Street, Pleasanton


3-Bedroom, 2-Bathroom Two Level Town Home

1,500 Square Feet (Per Tax Records)
Projected sales price: $361,000 ​

​The price is projected to be close to $361,000. Final pricing will be announced prior to the lottery.

Up to the top five ranked (1 through 5) lottery winners will proceed to the next step.

  • Find a lender who currently is or can be approved by the City to finance a City of Pleasanton 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.

Federal Home Loan Bank WISH Program Loan / Grant

Questions and More Information

Silicon Valley Bank Grant (SVBG)

Ownership of the BMR home requires that a household’s gross combined income may not exceed 80% of Alameda County's Area's Median Income (AMI), 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 applies net income provided in the household's 2021 Federal Income tax returns. Gross maximum household incomes are based on household size and cannot be greater than the amounts listed below:

 

Maximum Household Income

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

  • A minimum 3% down payment ($10,830). All funds must be in a bank, retirement, or investment account (no mattress money/cash is allowed).  The buyer should also have approximately $5,000 for closing costs and reserves.  Accordingly, a household should have access to approximately $16,000 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.

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.

LOTTERY APPLICATION DEADLINE 

5:00pm Wednesday September 21, 2022.

The City has established lottery preferences that promote ownership for first time homebuyers who reside and work in the City of Pleasanton.  Preferences are not a requirement to apply.  However, all lottery eligible applicants will be required to fill out a Pleasanton lottery preference worksheet prior to participating in the lottery.  A scoring system based on the information provided in the worksheet will be applied in ranking priority applicants drawn at the lottery. Inaccurate information provided either in the original lottery application or in the preference scoring worksheet could either disqualify the applicant or place them in last position of the lottery draw. 

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.

BAAHA Logo
  • The property transfers ownership/title – including renting out the property
  • The property is refinanced with a cash out loan.

Viewing the Property

BAAHA

Lottery Ticket illustration

All household members on title must complete a HUD approved homebuyer education course to purchase the Pleasanton BMR unit.  To access sources to complete your approved education requirements Click here. BAAHA 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 lottery, but is a requirement for purchase.

The minimum household size allowed to purchase the property is three (3) and the maximum household size is seven (7) 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 at time of application. 

1.    Determine if you are interested in purchasing the 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 and view the layout (virtual tour) and pictures of the condominium.

2.    Submit a BMR Lottery Application by 5:00pm Wednesday, September 21, 2022To obtain an electronic BMR lottery application, you can download an application or you can request 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 Pleasanton 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.

Your Next Step

City of Pleasanton logo

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).

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 Pleasanton BMR and provide us with your phone number. 

Piggy Bank Illustration

All prospective homebuyers interested in purchasing the BMR must submit a Lottery ApplicationLottery Applications must be submitted to BAAHA (see below) by no later than 5:00pm Wednesday, September 21, 2022.  BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility.  If lottery eligible, applicants will be provided a Lottery Preference Program worksheet.  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. To obtain an electronic BMR lottery application, you can download an application or you can request an application by email at info@myhomegateway.com

Program Eligibility Requirements

Lottery winners 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 Federal Home Loan Bank (FHLB) WISH Program is a hybrid loan and grant subsidy program.  Buyers applying for the WISH Program to purchase the Concord St. BMR must also meet all City BMR guidelines Additional key elements of the WISH Program include (and are not limited to):

  •  The amount of subsidy provided is equal to four times the amount the household contributes towards their down payment, with a maximum $22,000 funding cap.  Accordingly, a household contributing $5,500 towards their down payment would receive a subsidy of $22,000 to purchase their 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.  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.  Within the loan’s five-year term, if any of the following events occur the owner will be required to pay back the prorated loan balance for the remaining term of the loan.  Repayment of the loan balance will be required if any of the following occur:


Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to.  BMR Restrictions shall remain in perpetuity.  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 to be 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.

BMR Lottery

City Program Approval

Lottery Application and Purchase Process

HUD-Approved Homebuyer Education

The City of Pleasanton (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA www.myhomegateway.org) to assist in the sale of the Concord Street BMR.  BAAHA is involved with conducting all BMR application screening, lottery, and sales activities. If you have any additional questions related to the sale of this BMR, please contact BAAHA by email at info@myhomegateway.com.

First Lender Approval

Homebuyer Purchase Subsidies

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

Financial Capacity

All eligible applicants will be entered into a lottery.  Lottery applicants with the greatest amount of preference points will secure the highest priority ranking in the lottery.  The lottery will most likely be scheduled to be conducted towards the end of fourth week of September 2022. 

Household Size

Approved illustration

Silicon Valley Bank (SVB) will provide up to a $30,000 down payment and closing cost assistance grant at the time the property is purchased.  The $30,000 provided by SVB 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.  SVBG recipients must also meet all qualifying City BMR guidelines.  In addition, SVBG participants must secure their first mortgage from SVB.  SVB offers SVBG 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 SVB Grant Program.

Below Market Rate Homeownership

Concord Street, Pleasanton

Occupancy of Home

Housing Costs and Ratio Requirements

The essential steps to purchase the Pleasanton Concord St. BMR include:

  • Read all the information provided on this webpage.  Be certain to understand the restrictions, requirements, and procedures to apply to participate in the Pleasanton Concord St. BMR lottery
  • Submit a Lottery Application
  • If deemed eligible to participate in the BMR lottery, submit a Pleasanton Program Preference Worksheet
  • BMR lottery is conducted – applicants do not need to be present at the lottery
  • The top ten highest ranked lottery winners will be invited to view the property
  • The top five highest ranked (1 through 5) lottery winners 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: