Pre-application deadline: September 24
Island View and Waterside at Alameda Marina are now offering four newly constructed, two- and three-bedroom single-family townhomes for sale at Below Market Rate. They are available for first-time homebuyers whose household income falls below the very-low-, low-, and moderate-income limits (see chart below). The minimum household size is one person per bedroom—a 2-bedroom townhome requires at least two people to be listed as household members on the application, and a 3-bedroom townhome requires at least three household members on the application.
Two 2-bedroom townhomes are available for households with very low incomes (50% of Area Median Income, or AMI), priced at $113,530. Home Owner Association (HOA) dues for those units are $506 per month.
One 3-bedroom townhome is available for households with low income (80% of AMI), priced at $231,406, with HOA dues of $483 per month.
One additional 3-bedroom townhome is available for households with moderate income (120% of AMI), priced at $484,138, with HOA dues of $506 per month.
All purchase prices include $10,780 to purchase solar.
Homeowner Association (HOA) dues cover the cost of common area landscaping, paved areas, outdoor lightings, cluster mailboxes, building exteriors, storm water and vapor intrusive management and sewer repairs. The HOA fee also includes one AC Transit Easy Pass (APT yearly pass) per unit.
How to apply
Complete and submit a pre-application online by September 24 at 5 p.m.
Applicants can receive up to a maximum of two preference points based on the following criteria:
- To qualify for one preference point, a member of the household must currently maintain a primary residence at an address located within the City of Alameda, work for wages or salary within the boundaries of the City of Alameda, or own or operate a business in the City of Alameda.
- To qualify for one additional preference point, at least one member of the household must work for wages or salary for the Alameda Unified School District.
A lottery will be held on September 26 for all eligible applications and the results will be sent to all eligible households. Applicants will be invited, in ranking order, to an application workshop and to submit full applications with supporting documents. Households who are invited to submit full applications will be required to demonstrate they have at least a 3% down payment and are able to qualify for mortgage financing for the purchase price of the townhome.
There are three lottery applications for these residences. If you believe that your family qualifies for all three income brackets, please submit a separate application for each income bracket. All applications are online:
- Application and details for Very-Low-Income Households (50% of AMI)
- Application and details for Low-Income Households (80% of AMI)
- Application and details for Moderate-Income Households (120% of AMI)
Application documentation will be reviewed after the drawing. Interested applicants are encouraged to start the pre-approval process right away so that they can submit all of the requested documentation before the September 24 deadline.
Rise Housing Solutions is managing the application and buyer selection process for the Below Market Rate homes on behalf of the developer, Landsea Homes, and the City of Alameda. For more information or to start the application process, visit the Rise Housing Solutions website.