Review our What to Expect in the Alameda application process to learn about how you can prepare to apply for available homes you are interested in purchasing.
City of Alameda BMR Application Process
Thank you for your interest in purchasing a Below Market Rate (BMR) home in Alameda! Buying a home in the Bay Area is an exciting but sometimes daunting process. Rise Housing Solutions is here to help you through the process. Just like every homebuyer is unique, so is each home purchase. With this in mind, we have broken the application process down into a few key steps.
To learn about homes for sale, sign up to receive our e-newsletter, which includes homes for sale in Alameda. In most cases, the listed price is the maximum price the seller can sell for, so there is no need to bid over asking!
When you see a home you are interested in, fill out our online pre-application. Your household may submit a pre-application answering questions that will allow us to determine your eligibility to be included in the lottery. The purpose of the lottery is to determine the order in which we invite households to formally apply. One form may be submitted per household.
If your pre-application is eligible, you will receive an email with your unique lottery number and the date of the lottery. First, check your spam filter if you do not receive an email within 24 hours of submitting your pre-application. If you still do not have an email, please contact Rise Housing.
After the pre-application deadline has closed, Rise Housing will hold a lottery in order to provide a ranking order. They will then invite the top 30 candidates to submit a full application for the available homes.
If your application is determined to be eligible, you will receive a Conditional Approval letter and be invited to go into contract to purchase the home. Escrow activities will begin as soon as you agree to go into contract. Your lender and agent will work with you to keep you informed of any key dates.
Before the close of escrow, Rise Housing Solutions will set up a meeting with you to go over the details of the program and any questions you may have about the program or the documents.
Welcome to homeownership!