Bay Area Affordable Homeownership Alliance, Inc.

Upon purchasing a BMR, the owner must abide by the following restrictions:

• Full time residency in the property – it may not be rented out
• Receive permission from the City to transfer title, or sell the BMR to another eligible owner
• Maintain the home in good condition

• The household’s combined gross income may not exceed the City’s assigned maximum amount at the time of purchase.  Income levels for BMR homes in San Leandro are usually designated as low or moderate income levels.  2023 Low to Moderate income levels are as follows:
  

The City of San Leandro in conjunction with the Bay Area Affordable Homeownership Alliance (BAAHA) strive to assist low to moderate income first time homebuyers that live and/or work in San Leandro to purchase a home in San Leandro.

The City and BAAHA have focused on coordinating and delivering the following key resources to assist San Leandro low to moderate income first time homebuyers:

Below Market Rate Homes (BMRs) are homes that have been set aside by the City of San Leandro to be affordable for low to moderate income first time homebuyers. These homes have a 45-year restriction on them.  These restrictions assure that the home is purchased by an eligible homebuyer that meets BMR Program requirements.  Base purchase requirements include:

• The ability to further assess the type and price of property they want and can afford to purchase
  
• A better ability to understand and identify services and financial resources that are available to assist them to purchase a property
  
• Insight on the process and key steps required to purchase their first home​

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It is not unusual for a BMR home to sell at 20% to 50%+ discounts under a similar home's market value. The City of San Leandro currently maintains a portfolio of approximately 100 BMRs.  Existing BMR homes occasionally become available on the market.  When a BMR becomes available, the City/BAAHA run an application period for interested buyers to apply to purchase the BMR home.  Applicants are screened for Program eligibility, and Eligible applicants are then placed into a lottery to determine which household will purchase the home.  San Leandro provides preferences to households who live and/or work in San Leandro.  

​For more information, contact BAAHA at info@myhomegateway.com. BAAHA will respond within 24 to 48 hours.

Public and Private Downpayment Assistance Programs (DAP)

• AC Boost Program – down payment and closing cost loan offered through Alameda County.  For more information visit the following website: https://www.acboost.org/
  
• First Citizens Bank (DCAP) – down payment and closing cost grant.  
  
• Federal Home Loan Bank WISH Program – down payment and closing cost loan which turns into a grant after five years.  For more information visit the following website:  https://www.fhlbsf.com/community-programs/grant-programs/wish?category=overview
  
• Neighborhood LIFT Program – down payment and closing cost loan which turns into a grant after five years.  For more information visit the following website: https://communityhdc.org/lift/
  

BAAHA works with A-1 Community Housing Service (A-1CHS)  to provide San Leandro homebuyers education through HUD approved seminars.  Once homebuyers complete their education, A-1CHS and BAAHA can provide additional homebuyer counseling to help set up their financial platform to purchase a home.

City of San Leandro

First Time Homebuyer Resources

Homebuyer education and counseling is a key component that advances the capacity and success of homebuyers to purchase their first home.  One of the largest obstacles homebuyers encounter in purchasing a home is fear.  Education and counseling arms homebuyers with knowledge that reduces the fear factor – allowing homeowners to make more informed decisions, which diminishes anxiety in advancing their purchase efforts.  Education and Counseling provides homebuyers: 

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San Leandro first time homebuyers currently have access to a number of beneficial down payment assistance (DAP) programs.  DAPs are structured to be a supplement to the down payment provided by a homebuyer.  An increase in down payment could either increase the price of the home the homebuyer is purchasing or decrease the monthly cost of owning the home (or do both).

Below Market Rate Homes (BMR)

DAPs are offered through both Public (government) and Private (banks) sources.  DAPs come either as grants or deferred loans.  Some programs may start as differed loan and turn into grants after a period of time.  DAPs can run out of funds during their funding cycle.  DAPs have specific eligibility parameters that establish who may participate in them.  The majority of DAPs are targeted for first time homebuyers that fall within specific assigned maximum household income levels (adjusted by household size).  Some DAPs allow to combine with other DAPs to further expand the amount of subsidy provided to homebuyers.  When successfully combined, DAPs can offer a San Leandro household up to $250,000 in down payment assistance.  Some specific DAPs available to San Leandro residents include (the list below is not all inclusive):

• The household must have the financial capacity to purchase the home
  
• The household has completed homebuyer education prior to purchasing the home
  
• The household must be a first time homebuyer
  

Every DAP source has its own application, intake procedures, and eligibility underwriting requirements.  Access to DAPs is based on the depth of funding availability the source has access to.  It is not uncommon that a DAP source may run out of funding during their funding cycle.

Most of the above referenced subsidies require that a household complete HUD approved homebuyer education and obtain a “Certificate of Completion” to secure the subsidy.  

• Homebuyer Education and Counseling
• Public and Private Down Payment Assistance Program
• Access to Below Market Rate homes in San Leandro

Homebuyer Education and Counseling