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Below Market Rate Homes For Sale to First-Time Home Buyers

Up to seven newly constructed single-family townhomes—six two-bedroom and one three-bedroom—at Bay 37 are now being offered through the City of Alameda’s Inclusionary Housing, Below Market Rate (BMR) program. Prices range from $414,618 to $421,049, and a minimum occupancy of one person per bedroom is required.

Alameda Post - a render of Bay 37 townhomes
Bay 37 by Pulte Homes. Image

Applications are due on Monday, November 27 by 5 p.m. For more information or to start the application process, please visit the Housekeys 17 web page for Bay 37. To qualify, eligible households must be in the moderate income range with household incomes below the thresholds shown below:

2023 Maximum Income Limits for Moderate Income

Alameda Post - A Chart with the income levels considered "Moderate" for households of 1 person to 7 people. "Moderate" is defined as making 120% of the median family income. For example, in this chart, a "Moderate" household of 2 people has a limit of $142,000. A "Moderate" household of 4 has a limit of $177,500.
A “Moderate” income level is defined as 120% of the median income of the same size household.

Buyers will then be selected via a lottery, with randomly assigned numbers. 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 ahead of the deadline.

Informational in-person workshop

First-time homebuyers interested in purchasing a Below Market Rate (BMR) home in Alameda at Bay37 are invited to attend an in-person on Tuesday, November 14, from 2:30 to 4:30 p.m. at the Alameda Free Library, 1550 Oak St., in the Stafford Room.

To attend the workshop, please register online in advance.

Alameda Post - renders of town homes at Bay 37
Bay 37 by Pulte Homes. Image

About Bay 37 homes

One three-bedroom, two-bath home is available. The unit is approximately 1,423 square feet and includes a two-car garage. Minimum occupancy is three people. The price is $421,049, with an HOA fee of $714.

Six two-bedroom homes are available. Some have two bathrooms and some have one and a half baths. The units are approximately 910 to 1,247 square feet and include a one- to two-car garage. Minimum occupancy is two people. The price is $414,618 with an HOA fee of $378

Mailing list

If you’re not yet ready to buy but want to stay informed about Below Market Rate (BMR) homes offered through the City of Alameda’s Inclusionary Housing Program, sign up for the City’s mailing list on the “Subscribe” page of the City’s website. Be sure to select “Affordable homeownership interest list,” enter your email address, and complete the steps on the page.

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