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.
Overview | East Palo Alto EPACANDO BMR
Below Market Rate (BMR) Home Ownership Restrictions
BMRs comes with responsibilities and restrictions BMR owners must adhere to. Restrictions on the BMR are in place for ninety-nine (99) years from the date of purchase. Key ownership restrictions include:
- At the time of resale, the City will assign a maximum resale price the BMR can be sold at.
- The BMR must be sold to an eligible city approved buyer.
- BMRs have refinance guidelines and restrictions. All refinances must be approved by the City
- The property must be maintained in good condition at all times.
- The BMR owner is required to maintain full time residency for at least ten out of twelve months a year. Strict restrictions disallow the property to be rented out.
- Guidelines and restrictions govern the requirements and capacity to pass property title to an heir, and to any non-BMR Program eligible household. All BMR title transfers must be reviewed and approved by the City.
To learn more about BMR home ownership, click here.
The Below Market Rate (BMR) unit is a well maintained 981 square foot two bedroom and two bath apartment style condo. Open and practical floor plan with an outdoor deck from the living room. Building amenities include an elevator, a gym and a common green area for outdoor relaxation. Convenient locations: minutes to Amazon, easy commute to Google, Meta and other Silicon Valley High Tech companies. Proximity to Ravenswood Shopping Center, IKEA and restaurants. Easy access to 101, 84, and 280 freeways.
Directory
EPACANDO and BAAHA
The City of East Palo Alto (EPA) contracts EPACANDO, a local non-profit housing agency, to administer the City’s BMR Program. EPACANDO is the current owner of the 2330 University Ave #220, East Palo Alto BMR. The Bay Area Affordable Housing Alliance (BAAHA) is a 501(c)(3) non-profit organization contracted by EPACANDO to administer the sale of the University Avenue Below Market Rate (BMR) home. BAAHA provides the following services to oversee the BMR resale process:
- Conducts outreach directed to the East Palo Alto community to increase awareness of the affordable BMR purchase opportunity.
- Coordinates and directs households to homebuyer education and counseling resources.
- Collects and screens BMR purchase eligibility applications submitted by prospective BMR buying households.
- Manages the Program application intake, underwriting, and Program eligibility screening. Conducts the BMR lottery.
- Supports and implements all steps and aspects of the BMR program approval, purchase, and closing process.
BAAHA’s administrative director, Walter Zhovreboff, is the real estate broker representing the sale of the property through Home Quest Realty (DRE# 00661978). For questions related to the sale of the EPACANDO BMR, contact BAAHA by email at info@myhomegateway.com.
City of East Palo Alto
Below Market Rate Ownership Opportunity
University Commons Condominiums
2330 University Avenue, East Palo Alto, CA 94303
Maximum Sales Price: $284,026
2 bedroom, 2 bathroom condo
981 Square Feet (per tax records)
Monthly Home Owners Association Fee: $513