The BMR program at the Glashaus development is targeted for very low, low and moderate-income buyers. Additional financing is available through the City of Emeryville to make the units affordable to first time homebuyers in the three income groups. In order to purchase a unit, the buyers must qualify for and obtain financing through the City of Emeryville, or otherwise be able to pay the full purchase price for the unit. In order to qualify for the program, all buyers must occupy and continue to occupy the unit that they purchase as their primary residence. Buyers do not need to be first-time homebuyers to purchase a BMR unit at Glashaus unless they are using City financing.

A 45-year deed restriction will be recorded on your property, which will outline the process for selling your home. When you want to sell your home, you will be required to contact the City for the eligible resale purchase price and to sell the unit to a very low, low or moderate income household (whose income is approved by the City) at the resale price. Your appreciation will be limited by this restriction to a level affordable to a very low, low or moderate income household, as calculated by the City, based on the federal area median income levels for Alameda County in effect at the time you sell.

 

For qualified low-to-moderate income buyers who are first time homebuyers (i.e., individuals who have not owned a home during the past three years - with several exceptions) the City of Emeryville offers financial assistance to help cover the costs of purchasing a BMR unit.

Down-payment assistance is available to first-time homebuyers (with a few exceptions) through the First Time Homebuyers Program, which provides loans at a low, simple fixed interest rate, completely deferred payment,
in an amount equal to 1.5 times the borrower’s down-payment, up to 15% of the purchase price.

No individual in the household may have owned a home for past three years unless one of the following criteria is met: 1) the individual is a single individual or single parent who previously owned a house within the past three years with a previous spouse; 2) the individual is an employee of the City of Emeryville; 3) the individual is a teacher in the Emeryville Unified School District; or 4) the individual previously owned a house with a domestic partner within the past three years but the domestic partnership has been terminated. 

All buyers will be required to complete a homebuyer-training course approved by the City prior to the close of escrow. Location and times of courses will be announced at least one month prior to the course date. Pulte Homes or lead lender(s) will arrange to have these homebuyer courses available at no charge to the buyers.

Senior financing must be a 30-40 year fixed rate mortgage; may not have negative amortization, principal increases, balloon payments, or deferred interest payments; and may not be an interest only loan.

For low income borrowers, the borrower's total monthly household debt may not be less than 32% nor exceed 45% of their total documented monthly household income.  Total monthly household debt includes housing expenses (mortgage principal and interest, hazard insurance, property taxes, and condominium dues) and non-housing monthly long-term installment debt such as car payments, student loans, etc.  There are no debt-to-income ratios for moderate income buyers.

Very low and low income households may use this program to purchase a unit that is not designated for very low or low income households if they can afford to purchase with out the larger OHAP and HELP Program loans.

 

 
The City's Ownership Housing Assistance Program is available to very low and low income first time homebuyers. The program requires borrowers, purchasing the seven designated very low and low income units.

The difference between the mortgage for which the buyer qualifies and the price of the unit will be met by a fully deferred loan at a low, simple fixed interest rate provided by the City, up to $30,000 for low income buyers.  The total amount of funding available from the City, through a combination of two loans from the Ownership Housing Assistance Program and the HELP Program, may not exceed $110,000 for the two programs combined for low income buyers and up to $220,000 for very low income buyers. 

The program is available to first time homebuyers with the same exceptions as the First Time Homebuyers program. All buyers will be required to complete a homebuyer-training course approved by the City prior to the close of escrow. Location and times of courses will be announced at least one month prior to the course date. Pulte Homes or lead lender(s) will arrange to have these homebuyer courses available at no charge to the buyers.

The program requires borrowers to make a 3% down-payment and obtain mortgage financing based on their monthly household income with a total back-end debt-to-income ratio of between 32% and 40% for very low income buyers and between 32% and 45% for low income buyers.

The program is available to very low and low income, first time homebuyers with the same exceptions as the First Time Homebuyers program within the income ranges below.

Household Size	Maximum Income	Minimum Income	Income Allowed on a Case-by-Case Basis
1 person	$46,350	$23,480	Between  $17,600 and $23,480
2 person	$53,000	$26,800	Between $20,100 and $26,800
3 person	$59,600	$30,160	Between $22,650 and $30,160
4 person	$66,250	$33,520	Between $25,150 and $33,520
5 person	$71,550	$36,200	Between $27,150 and $36,200

Senior financing must be a 30-40 year fixed rate mortgage; may not have negative amortization, principal increases, balloon payments, or deferred interest payments; and may not be an interest only loan.

 

The City of Emeryville has a program for very low and low-income, first-time homebuyers funded through the HELP Program. These 3% simple fixed interest rate, deferred-payment loans up to $80,000 are used in conjunction with the City's Ownership Housing Assistance Program. This program, unlike the other Emeryville homebuyer programs, covers non-recurring closing costs up to 5% of the purchase price. The same restrictions on the senior financing with the Ownership Housing Assistance Program apply.

To be eligible, you need to have a current income under the 2009 income limits below, based on your current 2009 gross household income projected for the year; or an average of the prior year and your year-to-date gross income, if your current income varies; or an average of your 2007 and 2008 net income, if you are self-employed.

	The Current household income limits are:
Household Size:	1	2	3	4
Low Income:	$46,350	$53,000	$59,600	$66,250
Very Low Income:	$31,250	$35,700	$40,200	$44,650

These income limits may change when the 2010 income limits are available.

For more information about the City of Emeryville programs, contact Janet Anderson at (510) 596-4316. There is no separate application for the Emeryville financing.