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 Program participation requirements. For review and reconciliation purposes, households and their BAAHA Certified Program lender will be required to provide supporting documentation to BAAHA, including and not limited to copies of:

• First lender loan approval documents, including:
  • Lenders singed application (form 1003)
    
  • Lenders transmittal summary (form 1008)
    
  • First lenders loan estimate
    
• Personal financial documentation can also be provided by the first lender, including:
  
  • Bank, investment, and retirement account statements
    
  • Copies of prior filed and signed tax returns
    
  • Payroll information, inclusive of W-2s, recent paycheck stubs, and verification of employment
    
  • Personal identification documents such as drivers license, utility bills,and/or  insurance statements​
    

Questions and More Info

Important dates and links...

The City and BAAHA have not yet set a deadline date to submit the Abigail lottery application.  A due date will be posted on this website once determined. BAAHA strongly advises interested households to submit their applications at their earliest convenience to avoid missing out due to strict deadline policies.  Households that have submitted an application will receive an update once the lottery application deadline and lottery dates are established.

BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility to participate in the BMR lottery. The lottery eligibility notification will also establish the applicant’s Program preferences. The ability 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.

Purchase price

The $262,750 maximum BMR purchase price is set by the City of Walnut Creek. A lottery winning eligible household may not offer a price that exceeds the assigned purchase price. The developer will not sell the home for less than the maximum BMR purchase price.

Downpayment & closing costs
A minimum 3% down payment is required to purchase a Walnut Creek Abigail Place 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. Gifts must also be provided from funds in 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, irrespective if they do not appear as a borrower on the first lenders loan approval.

​Housing and debt ratio minimums and maximums

A household purchasing a Walnut Creek Abigail Place 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. Total monthly housing cost will vary for every household based on the amount of down payment provided and if the household will have access to Program Subsidies.  All eligible lottery winners will be required to secure a first mortgage loan from a BAAHA Program Certified Lender. Each household's actual housing costs will vary and will differ from the sample calculations provided in the table above.

Program Lottery Preferences

The City has established a lottery preference that promote ownership for first time homebuyers that currently reside or work in the City of Walnut Creek. Preferences are not a requirement to submit a lottery application.  However, a preference scoring system will be applied in ranking priority applicants drawn at the lottery.   

A lottery preference is provided for households that have members currently living or working in Walnut Creek. Work eligibility is based on the employer’s address, not on the household member’s home address. Working at home does not necessarily fulfill the work in Walnut Creek preference requirements. For a household to qualify for a live/work preference, only one adult member of the households needs to meet the requirement. Self-employed households and business owners must have had a business license in the City of Walnut Creek for at least six months to meet the work preference requirement.

✔

Household income is based on gross earnings from all source 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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Federal Home Loan Bank WISH Program Loan/Grant

The Federal Home Loan Bank (FHLB) WISH program offers a maximum $32,000 hybrid grant/loan subsidy for eligible Abigail BMR homebuyers. Additional information on the WISHS program is provided at the FHLB website: www.fhlbsf.com/products/community-programs-grants/wish.

​Key WISH Program provisions include:

• Funds secured through a WISH subsidy could be applied towards down payment and closing costs.
• 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. A household contributing $8,000 (or more) towards their down payment would receive a maximum subsidy of $32,000
  
• The WISH subsidy is forgiven by one-fifth (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. However, the owner will be required to pay back the prorated loan balance if any of the following events occur prior to the five-year term:
  
  • The property transfers ownership/title – including renting out the property
    
  • The property is refinanced with a cash out loan
    

BAAHA works with the FTHB certified lenders that have access to the WISH Program. The WISH Program funding availability historically has run from March to December of each calendar year, depending on the amount of FHLB funding made available and the demand for funds.  

The WISH subsidy may be provided in conjunction with the CalHome Loan with the below referenced WISH subsidy.

• 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.

Program Eligibility Requirements

​​​Applicants must meet the following eligibility requirements to purchase a City Below Market Rate home:

Viewing the Property

Eligible Walnut Creek Abigail Place BMR lottery participants will be invited an open house to tour the BMR after the lottery is conducted. Lottery applicants are welcome to view the property and its surrounding area at 801 Abigail, Walnut Creek. Additional general information regarding the Abigail development can be accessed at the developers website (opens a new window): www.sheahomes.com/new-homes/california/bay-area/walnut-creek/abigail-place

✔ First time homebuyer

✔ Household size

✔ Household income

​✔ Financial eligibility

​✔ Occupancy of the home

✔ ​HUD-approved homebuyer education​

​✔ Program Lottery preferences

BAAHA Below Market Rate (BMR) Program Administration

​​​The Bay Area Affordable Homeownership Alliance (BAAHA), www.myhomegateway.org, is contracted by the Developer to assist in the sale of the Walnut Creek Abigail Place BMR Homes. BAAHA  is also contracted by Walnut Creek to administer the City’s Below Market Rate (BMR) Program. BAAHA oversee and manages the collection and screening of BMR lottery applications, conducts the BMR lottery, and conducts 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. 

Eligible Abigail BMR buyers may also be qualified to secure additional funding through the Federal Home Loan Bank’s WISH Program and the California State CalHome Program. 

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:

The Purchase Process

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.

First 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 Walnut Creek Abigail Place BMR purchase. BAAHA has identified and Certified lenders who have extensive experience originating purchase loans for BMR properties. BAAHA’s Certified lender also currently has access for up to $70,000 in down payment assistance subsidies
• Secure first lender approval from your 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.  
  

State of California CalHome Program

Households purchasing the Abigail BMR home may be eligible to secure CalHome funding. The CalHome Program provides eligible first time homebuyers between $5,000 to $35,000. The dollar amount provided is based on need and program limitations. Funds are provided under the form of a thirty year silent second mortgage in which no monthly payments are required.  Interest accrues on the loan at a 3% simple interest rate until it is paid off.  The loan can be paid off with its accrued interest and original principal balance at any time, but no later than its thirty-year term.

Key CalHome Program provisions include:

• No Monthly Payments: All principal and interest payments are completely deferred
• Repayment: The loan can be paid off with its accrued interest and original principal balance at any time, but no later than its thirty-year term.  The loan is also due and payable if and when the home is sold, refinanced, transfers title; and/or the households relinquishes primary residency.  At the time of repayment, the borrower will be required to repay the principal borrowed and the accrued interest owed.
  
• Low Interest Rate: Interest is usually a low 3% simple interest (non-compounding) which accrues to the principal balance borrowed.
  

The CalHome Loan may be provided in conjunction with the above referenced WISH subsidy.

Live and/or Work

in Walnut Creek

Preference points are provided for households that have members that currently live and/or work in Walnut Creek. Work eligibility is based on your employer’s address, not your home address.  Working at home does not necessarily fulfill the work in Walnut Creek preference requirements.  For a household to qualify for a live/work preference, only one adult member of the household needs to meet the requirement.

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• At the time of purchase all non-minor household members who are not dependents must be on title.
  
• Qualifying dependents must be designated on 2025 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. 

The Next Steps

Program Application​ 

Lottery application due date to be determined

BMR Lottery

Date to be announced​

Property Developer Info

Click here to view more information about Abigail Place from the developer

▶ ​Submit Lottery Application

Lottery Application Process​

BMR Lottery

All eligible applicants will be entered into a lottery. Eligible applicants will receive notification of the lottery date and viewing instructions. The lottery will be conducted based on a draw and ranking system. The top ranked eligible household will be based the lowest lottery draw number combined with a live/work preference. Results derived through the lottery process will be further scrutinized during the first lenders loan and/or City’s Program approval underwriting process.  Any discrepancies discovered in the underwriting process could either disqualify or place a highly ranked lottery winner into last position.

Household Size and Income Allowances

The minimum household size required to purchase the property is four (4). The maximum household size allowances of nine (9). The maximum income allowance to own these BMR homes may not exceed 50% of Contra Costa County’s Median Income, adjusted for household size. Below is a chart showing household size and maximum incomes per household size reflecting the 50% median income requirements.

 Additional property info

▶ Click to view developer's info about the Abigail Place BMR 

Financial Eligibility Requirements

The table below represents a synopsis of property information and financial related requirements which must be met to purchase the BMR property at Abigail Place.

Households must read and be responsible to understand all the information provided in this website. Questions about information on this website can be directed to BAAHA at info@myhomegateway.com. Information provided in the application must be accurate and truthful. BAAHA will not allow applicants to resubmit an application with adjusted information. Your application must be filled out in its entirety and provide all relevant information requested. Applicants must review the requirements and directions provided in the Lottery Application instructions, prior to filling out and submitting the Lottery Application. A link to the lottery application is provided at the bottom of this webpage.

Walnut Creek BMR - Abigail Place

​​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 Certified first lender to determine the housing and debt ratio.

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 Walnut Creek BMR and provide us with your phone number.

*1 - Projections are for illustration purposes only.  Actual housing costs incurred by the owner will differ from costs represented in the table. 
*2 - Subsidies will only be provided to eligible Program participants. Not all households will be eligible for subsidies.  Additional information regarding subsidies is provided in the Subsidies section of this webpage.  Subsidies are provided on a first come first served basis. BAAHA and the City cannot assure that subsidies will be available at the time of purchase.

▶ Lottery & Application Information

HUD-Approved Homebuyer Education

All household members on title must complete a HUD-approved homebuyer education course to purchase the Walnut Creek BMR home. 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 to close the purchase transaction.

Property Overview

The City of Walnut Creek is featuring a newly constructed Below Market Rate (BMR) ownership opportunity. The two-story, four-bedroom single-family home offers 2,466 square feet of living space. This property presents a rare Below Market Rate (BMR) purchase opportunity within Shea Homes’ Abigail Place development

The home is in close proximity to BART and Hwy 680, schools, nearby parks and trails, and local attractions, including the Lesher Center for the Arts, Walnut Creek's year-round farmers market, and shopping at Broadway Plaza.  Eligible BMR buyers have an opportunity to own a single-family home featuring designer-curated finishes, and a balance between city accessibility and natural beauty.

Determine if you are interested in purchasing the Walnut Creek Abigail Place BMR.

• Make certain that you have read and understand all the information presented in this website.  Click here to get an overview of BMR ownership.
• Determine if you are eligible and interested in buying the Abigail BMR home, and that you household understands the implications of owning a BMR property.
• Determine if you are interested in purchasing the subject property.  BAAHA suggests you drive by the location and view the layout and pictures of the home provided on BAAHA's and the developer's websites.. 
  

​Submit a BMR Lottery Application (click here)

​Prior to submitting a lottery application - households must read and be responsible to understand all the information provided in this website. Questions regarding information provided in this website can be directed to BAAHA at info@myhomegateway.com.  Information provided in the application must be accurate and truthful. BAAHA will not allow applicants to resubmit an application with adjusted information. Your application must be filled out in its entirety and provide all relevant information requested.  Applicants must review the requirements and directions provided in the lottery application instructions, prior to filling out and submitting the lottery application. A link to the lottery application is provided below.

You can obtain a BMR Lottery Application by clicking here or by requesting an application by email at info@myhomegateway.com.

When submitting your application:

• Designate on the top your application that you are submitting and application for the Abigail Place BMR
• Provide all the requested and required information for all adult household members, and provide information on all minor members that will be living in the BMR home. Incomplete applications will be rejected.
  
• Provide accurate and truthful information. BAAHA will verify all information provided by top ranked lottery winners.  Inaccurate information in the lottery application could be grounds for a household to be eliminated from the lottery.
  

If you are having a problem downloading and application, you can request an application by email, make certain to state in your email that the application is for the Walnut Creek Abigail Place 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 Walnut Creek’s Program Informational Workshop

BAAHA in conjunction with the City of Walnut Creek may conduct a BMR Program informational workshop in the near future. Check back on this page for updates about workshops. BAAHA will also send out notifications (by email).

What is a BMR?

▶ Click here to learn more about BMRs

Additional Program Subsidies​

1

BEFORE submitting a Lottery Application...

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Wish and CalHome Program Approvals

WISH an CalHome funds are limited and distributed on a first come first served basis. Neither the City nor BAAHA can assure the availability of future subsidy funds. Funding for WISH and CalHome are not provided by BAAHA or the City, and must be underwritten and secured through a BAAHA Certified Lender that provides access to these funds.

Both the WISH and CalHome Subsidies are subject to funding availability. One of BAHA’s Walnut Creek Abigail Place Certified Program lender provides access to the WISH and CalHome subsidies. Households who secure both subsidies, may be able to decrease their first loan balances by $70,000.

Submission of BAAHA’s Walnut Creek 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.

​​City of Walnut Creek
Below Market Rate Ownership Opportunity

​Abigail Place Below Market Rate (BMR) Home
Very Low Income – 4 Bedroom Single Family Home
Maximum Sales Price $262,750

Features & Details

▶ Approximately 2,466 square feet

▶ 4 Bedrooms | 3.5 Bathrooms

▶ Open concept living with appealing island

▶ Walk-In closet at primary suite

▶ JennAir® Professional Appliance Package

▶ Second floor loft

▶ Dual vanities and freestanding tub at primary bathroom

▶ First floor bedroom with ensuite bath

▶ Landscaped Backyard

Lottery Application Submittal

Prospective homebuyers interested in purchasing the Walnut Creek Abigail Place BMR must submit a BAAHA Lottery Application. Make certain to designate on the top of the application that you are applying for the Abigail Place BMR. The application will be reviewed to establish the applicant’s eligibility to participate in the Abigail BMR lottery. 

Purchase Contract and Close of Escrow

Upon securing the first loan and City Program approval, the applicant will be required to submit a contract to purchase the BMR. The purchase agreement for the Abigail BMR will be prepared by the developer’s authorized real estate  representative. 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.​