Bay Area Affordable Homeownership Alliance

Below Market Rate Homeownership

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.

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

  • A minimum 3% down payment ($7,900) is required.  All funds must be in a bank, trust, 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 $12,000 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.

680 Fargo Ave, San Leandro / Willow Complex    

Your Next Step

Housing Costs and Ratio Requirements

HUD-Approved Homebuyer Education

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 680 Fargo 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):

  •  The amount of subsidy provided is equal to four times the amount the household contributes towards their down payment, with a maximum $29,000 funding cap.  Accordingly, a household contributing $7,250 towards their down payment would receive a subsidy of $29,000 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:

1.    Determine if you are interested in purchasing this BMR. The deadline to apply has passed.

  • 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.  

2.   Submit a BMR Lottery ApplicationThe Deadline to apply has passed. 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 Lottery Application by downloading a PDF copy (by pressing this link) or by requesting an application by email at  When requesting an application by email, make certain to state in your email that the application is for the San Leandro 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.

Lottery Ticket illustration

Purchase Contract and Close of Escrow

Financial Capacity

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.

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

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 San Leandro 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.

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:

  • 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 from being 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.

Lottery Application

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.

Picture of the Willows Townhomes entrance

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 beginning of September 2023.  

City Program Approval

Lottery Application and Purchase Process

Below Market Rate

Ownership Opportunity

680 Fargo Ave   

​San Leandro / Willows Complex 

​​2 Bedroom, 2  Bathroom Two Level Condo Town Home

880 Square Feet (per tax records)
Sales Price:  $257,000 ​

Deadline to Apply has passed

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.

City of Pleasanton logo
Piggy Bank Illustration

BMR Lottery

The City has established lottery preferences that promote ownership for first time homebuyers who reside and work in the City of San Leandro.  Preferences are not a requirement to apply.  A total of up to 15 preference points are assigned to

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 San Leandro 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.

Household Size

Household Size
Maximum Household Income



Ownership of the BMR home requires that a household’s gross combined income may not exceed 80% of Alameda 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 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:


Deadline was 5:00pm Thursday August 24, 2023

 The highest ranked lottery winners will be able and required to visit and view the property prior to entering into a purchase contract.

Approved illustration

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


Program Eligibility Requirements

First Lender Approval

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).

Viewing the Property

The essential steps to purchase the San Leandro 680 Fargo Ave 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 San Leandro 680 Fargo Ave BMR lottery
  • Submit a Lottery Application. The deadline to apply was August 24, 2023 at 5:00 pm.
  • Submit a copy of your Certificate of course completion from a HUD certified homebuyer education course. 
  • 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:

Occupancy of Home

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.

BAAHA Certified Lender

Program Lottery Preferences

Homebuyer Purchase Subsidies

The City of San Leandro (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA, to assist and administer the sale of the BMR located at 680 Fargo.  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  

Questions and More Information

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).

All prospective homebuyers interested in purchasing the BMR must submit a Lottery Application.  Lottery Applications must be submitted to BAAHA (see below) by no later than 5:00pm Thursday August 24, 2023. This deadline has passed. 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. 

  • First time homebuyers – all adult members on title must be first time homebuyers.  To be deemed a first time homebuyer, the household member may not have owned or have been on title for a real property for three years prior to the Lottery Application date.  First time homebuyer households are assigned 10 preference points.
  • Live or Work in San Leandro – at least one adult members on title must live or work in the City of San Leandro.  A household meeting the San Leandro live or work preference is assigned 5 preference points.


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.

Maximum Household Income

Federal Home Loan Bank WISH Program Loan / Grant

If you have any additional questions, please contact BAAHA by email at  Please make certain to state that you are inquiring about the San Leandro BMR and provide us with your phone number.  

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 Citizens Bank Grant (DCAP)