Rise Housing is now accepting pre-applications for three Below Market Rate (BMR) Homeownership Waitlists on behalf of the City of Alameda. These waitlists will be used to identify those who are eligible to purchase BMR housing units this year.
A separate waitlist application and lottery will be held for Very Low-income (50% AMI), Low-income (80% AMI), and Moderate-Income (120% AMI) households. Households are welcome to apply for all three. Applicants to the BMR Program qualify based upon the most recently published Housing and Community Development (HCD) income limits per household size. Please refer to the chart to see if your household qualifies.
Income limits for the waitlist, including Very Low-Income (50%AMI), Low-Income (80% AMI), and Moderate-Income (120% AMI). Image Rise Housing.
The income limits shown on the chart are for annual gross income (before taxes are taken out) and are based upon the most recently published Housing and Community Development (HCD) income limits per household size. Gross household income is the sum of all income for every adult, 18 years or older, in the household. Sources of income include all wages or salaries, overtime, bonuses, pensions, and any other sources of income.
Preference points
Applicants who apply for the Very Low and Low-Income waitlist can receive a maximum of one preference point if a member of the household meets any of the following criteria:
Maintains a primary residence at an address located within the City of Alameda.
Works for wages or salary within the boundaries of the City of Alameda.
Owns or operates a business in the City of Alameda.
Applicants applying for the Moderate-Income waitlist may receive a maximum of two preference points—one point by meeting any of the criteria listed above, plus one additional point if at least one member of the household works for wages or salary for the Alameda Unified School District.
How to apply
Visit the Rise Housing Alameda 2024 BMR Waitlist website now to learn more and to apply. Pre-applications must be received by October 6, 2024 to be included in the lottery list ranking. Applications received after that date will be placed at the end of the household’s respective income and preference category’s ranked lottery list.
After you have read the information on the website, applications may be completed online:
A lottery for each waitlist will be held in October 8, 2024. All applicants will be emailed or mailed the results of their application, specifying if they have been approved or denied. If approved, they will be notified of their applicant number on the waitlist by the third week of October.
Rise Housing Solutions will contact waitlist members in ranking order and invite them to submit full applications with supporting documents when a home becomes available, tentatively until July 2025 or 30 Days after HCD releases the 2025 income limits, whichever comes first. Waitlist members will retain their position for the entire year.
Home purchase price
The price of homes will be determined based on the year the home was built, size of the home, the income category assigned to the unit, and the resale formula specific to the home. The resale formula is tied to the percentage change in either the Area Median Income (AMI) index depending on the restriction recorded on the home. Typically, homes sell in the range of $115,000 to $500,000.
Lenders and people who borrow money for homes as great as that dream to have one is, need to be careful… Do you know what happened in 2008 when we nearly went into a depression… It could happen again where insurance companies rate loans sell their ratings of insurance and insurance to places like AIG who end up buying all his phony baloney false security, and then the crash happens when people lose their homes and insurance companies can’t pay it.
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