City of Concord
Below Market Rate Ownership Opportunity

1505 Kirker Pass Road #170, Concord / Corners Condo Complex    

1 bedroom, 1-bathroom Condo / 634 Square Feet (per tax records)
HOA $428

Sales Price:  $270,000​​

Up to $70,000 in down payment assistance subsidies

​First Come First Served – No Lottery

For Kirker Pass Road BMR Program information contact BAAHA at info@myhomegateway.com

​For property and sales related information contact: Chris Strange with the Rise Group
Email: chris@risegroup.com
Phone (925) 252-5193. ​

Eligible Kirker Pass Road homebuyers may be able to capitalize on beneficial homebuyer subsidies, including down payment assistance grants/loans. These subsidies are made available by the City of Concord and BAAHA’s preferred and certified first lender.

The combination of subsidies made available through the City of Concord and BAAHA’s certified lender could provide eligible homebuyers the following benefits:

• Up to $70,000 in downpayment and closing cost assistance.
  
• Reduction in monthly homeownership costs
  
• Expanded capacity to purchase the BMR home

Housing and Debt Ratio Requirements

Ownership of the BMR home requires that a household’s gross combined income may not exceed 120% of Concord’s Median Income, adjusted for household size. For self-employed individuals, the City will determine net income by reviewing and reconciling past tax returns, bank statements, and profit and loss statements. Maximum household incomes per household size are as follows: 

1.    Determine if you are interested in purchasing this BMR.

• Start by reading and understanding the implications of owning a BMR property. Click this link to get an overview of BMR ownership. 
  
• Confirm you meet all the eligibility requirements discussed above. Review and understand the parameters outlined in the Program Eligibility Section. To be eligible you must meet the following guidelines:
  

• To get more information regarding the Kirker Pass Road BMR property, make certain to contact the listing  real estate broker Chris Strange by email at chris@risegroup.com or by phone at  (925) 252-5193.
  

2.   Submit a BMR Prescreen Program Eligibility Prescreen Application

Download your Kirker Pass Road BMR Eligibility Prescreen Application by clicking here. This property is available on a first come first serve basis.  BAAHA strongly suggest that applicants immediately submit their application.

First Citizens Bank (FCB) is BAAHA’s preferred Concord BMR/DALP certified lender.  FCB provides an essential subsidy that further enhances Eligible Program household’s capacity to participate in Concord’s BMR and DALP Programs.

FCB Forgivable Loan Program (FLP) – this program provides up to a $30,000 loan that is entirely forgiven over a five-year duration.  This subsidy can be applied towards the downpayment and closing costs.  Households must maintain ownership and full time residency in the home for the loan to be forgiven over five years. The borrower/owner must repay any remaining balance of the loan if they conduct a cash out refinance within the five-year forgiveness period.  Participants in the FLP are required to secure their first mortgage loan from FCB.

Make certain to read and understand the Program Eligibility requirement prior to submitting a Program Eligibility Prescreen Application.

First time homebuyers interested in purchasing the BMR condo must submit a Program Eligibility Prescreen Application. The Prescreen Program Application will be reviewed by BAAHA to provide a preliminary determination of the applicant’s Program eligibility. BAAHA will notify Program Eligible applicants (and the listing agent) regarding their eligibility to submit a purchase contract for the Kirker Pass BMR.  Ineligible applicants will have an opportunity to appeal for reconsideration. 

Applicants may secure a prescreen application through one of the following methods:

• Download the application from the BAAHA website by clicking here. The online application is an electronically fillable application form. Upon filling out the application, save it as a PDF File and email it back to BAAHA. If you need more information or assistance with the process, contact BAAHA at info@myhomegateway.com .
  
• Request a PDF copy of an application from BAAHA by emailing info@myhomegateway.com. Clearly state that you would like an application for the Concord Kirker Pass Road BMR. You can fill out the application in the same format as discussed above. If you need to fill out the application by hand (hand written), scan and save the completed hand written application as a PDF and email the PDF to info@myhomegateway.com.  Do not send BAAHA photographed copies of your application – they will not be accepted. You can also submit your application by fax at (415) 231-5181.
  

The Kirker Pass Road BMR Condo is available on a first come first served basis. The first eligible household to be Program qualified and Program approved will be able to complete and close the purchase of the property. BAAHA intends to prequalify up to three households to proceed with the Program and Purchase Approval process. BAAHA recommends that interested households submit their Prescreen Application immediately. Prescreen applications will be time stamped based on the time and date we receive the “fully” completed application by email (see instructions below).

A Program Eligibility Prescreen Application must be submitted to initiate any BMR property purchase and Program approval activities.  BAAHA will not approve a purchase contract for a household that has not received a preliminary prescreen eligibility determination.  Full Program approval is a comprehensive process that includes and is not limited to:

Purchase Contract - The top three Prescreened Program applicants must enter into a conditional purchase agreement.  The contract will be conditional to first loan and City Program approval.

Lender Approval– Upon entering into a purchase contract, the top three Prescreened Program applicants must secure first lender approval. You do not have to identify a lender to submit your Program Prescreen Application. However, BAAHA highly recommends that you work with a BAAHA Certified Program first lender.  If you currently do not have a lender, BAAHA can provide qualified prescreen applicants with the name of a preferred lender who has extensive experience originating and underwriting loans for BMR properties. It is highly recommended that you work with a Program certified and experienced BMR 1st lender. The 1st lender is also required to provide BAAHA and the City a number of documents to verify information provided in their Program and 1st lender applications.

City Program Approval - Upon securing 1st lender approval, BAAHA will conduct underwriting to submit and obtain City Program Approval. The applicant must receive both 1st lender and City Program approval to submit a purchase offer to the owner/developer.

Close of Escrow – Upon securing Program Approval, BAAHA will begin to prepare the Program BMR and DALP documents to be submitted to the City for approval. The document preparation, review, and signature process could take up to an additional 20 to 30 days to complete.

HUD-Approved Homebuyer Education

Program Participation Preferences

Program Eligibility and Program Approval

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Below Market Rate (BMR) Homeownership

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

• Buyer(s) must have at least 3% of the purchase price, or $8,100, and approximately 1.5% of the purchase price ($4,050) for closing costs. Accordingly, eligible buyers must have access to approximately $12,150 to purchase this BMR. Down payment and closing costs funds must be in a seasoned institutional accounts. Gifts of up to 17% of the purchase price  may be provided. Gift must be derived from seasoned institutional accounts.  Cash gifts are not allowed.
  
• Minimum FICO score of 640 for all borrowers involved in financing the purchase.
  

Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to. Restrictions on the BMR will be in place for a forty-five (45) year term, commencing the date the purchase transaction closes.  These restrictions include, but are not limited to:

• 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 City approved buyer.
  
• ​All capital improvements must first be approved by the City. 
  
• 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.
  
• BMR owners must be a permanent resident (at least 10 months per year). 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 on this link.

Bay Area Affordable Homeownership Alliance, Inc.

The minimum household size is one and the maximum household size is three 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 2023 federal tax returns. Qualifying household size influences qualifying household income, accordingly, applicants must identify household members that will be living in the BMR at the time a prescreen application is submitted.  Spouses may not be considered as a dependent. Household members between 18 and 24 years of age will only be considered as a dependent if they are documented full time students.

The City of Concord’s DALP could provide income eligible first time homebuyers up to $40,000 in down payment assistance.  This assistance is made available through a fifteen-year down payment assistance loan that requires no monthly payments. The principal balance and shared appreciation payment is due when:

• The property changes/transfer title through a change in ownership (such as a sale of the property).
  
• At the time the loan is due in fifteen years
  
• The owner refinances the BMR and draws cash out through the refinance
  

The DALP is a shared appreciation loan.  Shared appreciation is established as a percentage based on dividing the subsidy dollar loan amount provided in relationship to the cost of the BMR.  For example, a $30,000 DALP provided for a $270,000 purchase would represent 11.11% of the purchase price.  If the BMR property is sold, the City would collect the original $30,000 principal balance of the loan and an 11.11% of the appreciation realized from gross profits from sale.

DALP participant must meet all the above referenced BMR Program eligibility requirements.  Additional information for the Concord DALP is provided at the BAAHA Concord First Time Homebuyer Program webpage.

Questions and More Information

PRESCREEN PROGRAM ELIGIBILITY APPLICATION 

First Come, First Served

Homebuyer Purchase Subsidies

Program participants may be disqualified from purchasing the BMR if their housing cost and debt ratios are either below the minimum or over the maximum ratio allowances.

Housing Ratio - represents the percentage relationship between total monthly housing costs and the household’s gross monthly income. Housing costs applied towards determining the housing ratio include mortgage, property taxes, insurance, and homeowner’s association.  The housing ratio, as calculated by the first mortgage lender, may not fall below twenty-eight percent (28%).

Debt Ratio - represents the percentage relationship between total monthly housing costs plus monthly costs for the household’s consumer debt, divided by the household’s gross monthly income.  Consumer debt includes and is not limited to monthly payments applied towards credit card debt, auto loans, student loans, and personal loans.  Monthly utility bills are not considered as part of a household’s consumer debt.  The monthly cost of owning the home combined with the household’s monthly consumer debt payments cannot exceed forty-five percent (45%) of a household’s gross earnings.  The debt ratio is calculated by the first mortgage lender.

For questions related to the Kirker Pass Road BMR Program contact BAAHA by email at info@myhomegateway.com. To get more information regarding the Kirker Pass Road BMR property, make certain to contact the listing real estate broker Chris Strange by email at chris@risegroup.com or by phone at  (925) 252-5193

Viewing the Property

The Purchase Process

First Time Homebuyer

All household members on title must complete a HUD approved homebuyer education course to purchase the Concord BMR unit.  The certificate is not required to submit the Kirker Pass Road Program Eligibility Prescreen Application; however, a certificate must be obtained for all adult members prior to the close of escrow.  Households can access a list of HUD approved educators at BAAHA’s website https://www.myhomegateway.org/hud-certified-counseling-agencies.html.  BAAHA also encourages applicants to conduct their own search for HUD approved homebuyer education courses on the internet.

Below Market Rate (BMR) Short Sale

Maximum Household Income

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

Occupancy of Home

Applicants must be first time homebuyers. To be a first time homebuyer, all members in the household may not have been on title or owned a real property in the past three years (from the time you submit your Prescreen Program application).

The Kirker Pass Road BMR property is currently under default and foreclosure with the current first mortgage lender.  In order to preserve the Below Market Rate status of the property, the City and BAAHA have approved the current owner, and their representing real estate broker, to conduct the sale of the BMR as a Short Sale.   A short sale requires the current BMR first mortgage lender to provide approval for the property to be sold under the terms established in the prospective BMR buyer’s purchase contract.

BAAHA cannot and does not have the ability to assess the first lenders capacity to accept the BMR buyers purchase contract.  In addition, Kirker Pass Road BMR buyers should understand the current first lender maintains short sale purchase approval requirements.  The review and acceptance of these requirements will usually extend the time needed to finalize and close the short sale transaction.

The current sales price for the Kirker Pass Road BMR fits within the City’s guidelines, and is not fixed by the City.  All prospective Kirker Pass Road BMR homebuyers must submit a Program Eligibility Prescreen application to BAAHA, and receive a Program Eligibility determination by BAAHA prior to entering into a purchase contract.

1505 Kirker Pass Road #170, Concord 

Program Eligibility Prescreen Application

City of Concord Down Payment Assistance Loan Program (DALP)

• Be a first time homebuyer
  
• All household members on title must have a FICO score above 640
  
• Must have at least $12,150 in liquid seasoned funds  
• Have a household that has no more than three (3) members
• Your gross household income (includes all income earners) may not exceed the limit stated above.
  

Financial Capacity

Household Size

The property may not be purchased as a rental property. The owner(s) of the home must be full time resident(s) who occupy the home as their primary place of residency for at least ten months of every twelve months.

Conveniently situated in the desirable city of Concord, and bordering Clayton.  Steps from grocery shopping and banking, minutes away from downtown Clayton, restaurants, and trails.

BAAHA is contracted by the City of Concord to administer the City’s BMR Program. BAAHA is involved and responsible for conducting all BMR application screening and administering the sale of the BMR property. For City of Concord Program related questions contact  BAAHA by email at info@myhomegateway.com.  For real estate purchase related questions, and general information regarding the property, contact the listing agent Chris Strange by email at chris@risegroup.com or by phone at  (925) 252-5193. 

BAAHA works with a Certified Concord BMR Program First Lender, First Citizens Bank (FCB).  Working with BAAHA’s Certified lender provides significant advantages to households that will be purchasing the Kirker Pass Road BMR, including (and not limited to):

Streamlining the Program Approval Process – BAAHA’s Preferred Lenders have certified the Concord BMR and DALP Programs. This further assures the first lender’s ability to approve and fund the purchase of the Kirker Pass Road BMR.

Program Approved Subsidies - BAAHA’s Preferred Certified Lenders are required to have access to additional approved homebuyer assistance subsidies.  These subsidies are combined and applied to further assist an eligible homebuyer to purchase the Kirker Pass Road BMR.

Reduced Housing Costs – The combination of the City’s and the Certified first lenders subsidies can significantly reduce the cost of owning the Kirker Pass BMR home. 

Expanded Capacity to Purchase the Kirker Pass Road BMR – The reduction in homeownership costs expands the range of households that can afford to purchase the BMR home.  Low to very low income households may have an opportunity to purchase the Kirker Pass Road BMR.

The contract of First Citizen’s Bank is:
Josie Ramirez, Managing Director Community Reinvestment Act (CRA) Residential Lending
Email:  josramirez@fcb.com
Phone #: (415) 752-5626

Program Eligibility Requirements

PRESCREEN PROGRAM ELIGIBILITY  APPLICATION 

First Come, First Served 

First Citizens Bank Forgivable Loan Program

The property is listed on the MLS by Chris Strange with Rise Group Real Estate.  Chris can be reached directly by email at chris@risegroup.com or by phone at  (925) 252-5193.  BAAHA encourages households to submit a Program Eligibility Prescreen application prior to viewing the property.  Contact Chris and Rise Group Real Estate regarding additional property and showing information.

​BAAHA Certified Program First Mortgage Lender 

Your Next Step

Applicants who live and/or work in Concord will receive a preference in the screening process. However, Concord residency and/or employment status is not a requirementfor eligibility, and all individuals and households are encouraged to submit Program Eligibility Prescreen applications.  Preference will be applied towards Concord workforce/residents if more than one applicant is deemed eligible to purchase the property.