Apply with Bloom Berkeley by February 6, 2020 to be placed in Lottery
Low-income, first-time homebuyers can apply now to be placed in a lottery to purchase one of six newly constructed affordable condominiums created through a City of Berkeley affordable housing strategy.
The five one-bedroom units cost between $162,000 and $168,000, depending on the unit size. A three-bedroom unit will be sold for $230,000. Monthly Homeowners Association dues range from $443 to $542.
These condominiums are designated for first-time homebuyers making no more than $79,360 or $99,120 a year, depending on the unit type and household size. (Note: Corrected income limit figures were posted on Jan. 13.)
Apply with the property owner, Bloom Berkeley, by 5 p.m. on Thursday February 6, 2020. See critical details about applying at https://bloomberkeley.com/bmr.
Being placed in the lottery requires that applicants compile or submit various documents, including a pre-approval letter that contain a maximum loan amount from a lender. Preference will be given to those who live or work in Berkeley.
You can also see the units at an upcoming open house hosted by Bloom Berkeley:
Open House Dates
Friday, January 24, 3-5pm
Friday, January 31, 3-5pm
Bloom Berkeley Sales Gallery
2747 San Pablo Avenue, Berkeley, CA 94702
These below-market condominiums on San Pablo Avenue are created through a City of Berkeley law, which uses large market rate development to subsidize the creation of units designated for low-income households. Given the high cost of land and construction, this policy known as "inclusionary housing" serves as a critical way to increase affordable housing in Berkeley.
The City's Inclusionary Housing Ordinance for new ownership/condominium projects requires that 20% of the total units be reserved for purchase by low-income households. The applicant proposed 30 units, and the 6 units account for 20 percent. State law housing density allowed the applicant to build 11 more market-rate units in the 41-unit complex.
"Given the extreme housing crisis facing the entire Bay Area, we're looking for as many ways as possible to increase affordable housing in Berkeley," said City Manager Dee Williams-Ridley. "We're excited that this opportunity also increases the pool of home ownership."
Apply for the Lottery at Bloom Berkeley
To be entered into the lottery, interested applicants must complete and submit an application to Bloom Berkeley by 5 p.m. on Thursday, February 6, 2020. For more information, visit https://bloomberkeley.com/bmr, email live@BloomBerkeley.com or visit the sales office at 2747 San Pablo Avenue, Thursday - Monday, 11 am - 5 pm.
Completed applications with back up documentation must be submitted in person or by US Mail and received by the property owner by 5:00 pm on Thursday, February 6, 2020. The Bloom Berkeley Sales Team will not accept applications after this deadline - with no exceptions. Fax or email applications will not be accepted, nor will postmarked applications not received by the deadline.
The lottery will be held on Monday, February 10, 2020, at 3 pm. Lottery selection does not guarantee that your application will be approved. Your application must be reviewed for income documentation to determine if you meet eligibility requirements.
All Below Market Rate (BMR) ownership units like Bloom Berkeley are subject to resale restrictions and the homebuyer will be required to sign a regulatory agreement with the City of Berkeley prior to closing their loan.
City Law Makes These Units Possible
The inclusionary housing law that creates these below market condominiums at Bloom Berkeley is just one of many strategies the City of Berkeley uses to create affordable housing.
The City's Housing and Community Services Division also supports affordable housing developers with low-cost loans, connecting affordable housing developers to grant funding, and creating new leases of City land. To learn more about affordable housing resources in Berkeley, visit www.cityofberkeley.info/affordable/
The City does not conduct lotteries for new projects or waiting list updates. For questions on the application process and lottery for these newly available units, please contact Bloom Berkeley directly at Live@BloomBerkeley.com, visit their website or visit them in person at 2747 San Pablo Avenue, Thursday - Monday, 11 am - 5 pm.
