Six new larger three level BMR townhomes are soon to become available in San Leandro’s Maple Lane Development. Homes will be available for low and moderate income households. Prices for these new BMRs will range from approximately $325,000 for 2 bedroom BMRs and $575,000 for 4 bedroom BMRs. More information regarding these BMRs will be posted soon.
Upon purchasing a BMR, the owner must abide by the following restrictions:
To learn more about BMRs click here.
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:
It is not unusual for a BMR home to sell at 20% to 50%+ discounts under a similar homes 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.
BAAHA works with ECHO Housing to provide San Leandro homebuyers education through HUD approved seminars. Once homebuyers complete their education, ECHO and BAAHA can provide additional homebuyer counseling to help set up their financial platform to purchase a home.
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:
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).
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):
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.
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