March 2023 Update on Bay 37 Units listed with HouseKeys
Update on Affordable units at bay 37 (Landing, lookout and compass)
This message is to assist prospective buyers to understand how to better prepare for purchasing the units that are part of the City of Alameda’s Affordable Housing Program.
Note: This update is only for the Bay 37 Units listed with HouseKeys. For more info on the Units, visit the HouseKeys Bay 37 Website Page by clicking HERE.
Affordable Housing Units are priced using housing payment assumptions. As the interest rate market has shifted, HouseKeys has found that buyers are having difficulty qualifying. The legal agreement between the City of Alameda and Pulte Homes, the homebuilder for Bay 37, calls for pricing based on the assumptions made in 2021. This means that pricing is locked in and cannot be changed at this time. Please be sure that you are prepared for total housing payments for the 2 bedroom and 3 bedroom homes that range from $3,855 to $4,284 per month. The City of Alameda requires a buyer’s total housing payment to be at or below 35% of gross monthly income before taxes (Click HERE to view other buyer’s guidelines). This means that estimated monthly income for buyers in this project will likely be between $11,014 to $12,240 per month. This amount will vary based on buyer’s down payment and financing. Please note: You must still meet Moderate-Income Requirements based on the grid below.
The Mortgage payments for the 2 bedroom and 3 bedroom homes were estimated at $2,135 and $2,495/$2,443 per month (See “Estimated Mortgage Payment” column below).
Solar Installation Required and is not included in the purchase price: Buyers are required to have solar in their ownership unit and purchasing solar by the buyer is required. The Solar Power installation is completed by Sunnova or SunPower. Buyers may either purchase the Solar Power Unit, adding the cost to the purchase price and financing it through their lender, or lease directly from the solar provider. A Capital Improvement Credit will be added to the buyer’s purchase cost, and the depreciation schedule will be noted in an addendum to the Agreement. Please work with your loan officer to ensure this cost is considered. The cost of Solar panels can range from $9,400 to $14,000.
Please see the Opportunity Drawing Notice for contact information for each of the Solar Panel Companies.
A detailed payment grid is below. Use the buyer feedback form link below to provide feedback to the HouseKeys Team.
Based on the 2022 Income Limits
