Bloom Berkeley BMR – Frequently Asked Questions
Bloom Berkeley is pleased to offer a collection of six (6) Below Market Rate condominiums for sale to households that meet eligibility requirements. Five (5) one-bedrooms and one (1) three-bedroom homes will be offered as part of the City of Berkeley Inclusionary and Below Market-Rate Ownership Housing Program.
The homes are priced from $162,060 – $229,415 with assigned parking; monthly HOA dues are from $443.46 to $542.47, depending on size of unit.
HOW TO APPLY:
Before you begin, make sure you fulfill the following eligibility requirements for the City of Berkeley BMR program.
1. Are you a first-time homebuyer? You can’t have owned any residential property anywhere within the last three (3) years.
2. Is your household income-eligible? You must provide past three (3) years of IRS returns and past three (3) years of W-2 forms. Maximum household gross income (pre-tax) must not exceed the following amount based on appropriate household size for the unit type:
Maximum Income Limits:
|Unit Type||Maximum Income at 80% of AMI|
Minimum Occupancy Requirements:
|Unit Type||Minimum # of People in Household|
3. Are you pre-approved for mortgage loan if you are selected as a winner of a BMR home at Bloom?
- • You must submit a pre-approval letter that contain a maximum loan amount from lender.
- • Although it is not required, it is recommended that buyer completes a homebuyer education and counseling workshop from HUD certified housing counseling agency to ensure buyer is mortgage-ready before submitting a lottery application.
Bank of America
Tony K. Truong
Senior Lending Officer
Senior Vice President
Home Mortgage Consultant
Caliber Home Loans
Branch Manager/Builder Division
4. Do you live or work in the city of Berkeley?
- • Please provide proof of residence, or employment in city of Berkeley
- • While all individuals and households may enter the lottery for a BMR unit, City of Berkeley law gives some households a lottery preference (see lottery section below) that increase the chance that they will be offered a BMR unit.
5. Are you prepared to provide documentation of your household income, including assets? Examples of proof of income and assets may include but are not limited to:
- • Wage statements for approximately the last 3 consecutive pay periods.
- • Unemployment compensation statements, pensions, financial aid, disability, Social Security, and other forms of periodic non-wage income;
- • Third party verifications from employers, banks or others with first-hand information about the applicant’s finances. These verifications should be in writing, and can include documented telephone interviews.
- • Prior year tax returns including W-2s.
- • Cash held in savings and checking accounts, safe deposit boxes
- • Stocks, bonds, Treasury bills, certificates of deposit, mutual funds, money market accounts
- • Individual retirement, 401k accounts and pension funds.
- • Cash value of life insurance policies available to the individual before death (excluding value of term insurance, which has no cash value to the individual before death).
- • Lump sum receipts or one-time receipts (monetary gifts, inheritance, settlements on insurance claims, one-time lottery winnings)
6. Do you have enough in savings for closing costs and down-payment?
- • You must submit three (3) current and consecutive statements from every liquid asset account, or personal cash holdings, including all custodial accounts held for minor.
7. Other Documents
- • All potential buyers must review Inclusionary Housing/BMR Rental Program Guidelines and Operational Manual that governs this property.
- • As a condition of purchasing a BMR unit, Buyer must sign a regulatory agreement which restricts the sale of the BMR unit to a low-income household
- • Buyer must also submit Federal Tax Form T4506
Applications will be utilized to determine each household’s eligibility and entry into the Lottery. Applications can be found here and program information can be found here, or by visiting the Bloom Berkeley Sales Office at 2747 San Pablo Avenue, Berkeley, CA 94702.
Application packages can be dropped off at the Bloom Berkeley Sales Gallery, where the potential buyer will receive a ticket as receipt of application. This will be your lottery ticket. Applications must be received in paper form (no faxes, or emails) by 5pm on the date of the deadline with applications due by 5pm on Thursday, February 6th. Postmarks will not be accepted; applications received after the application deadline will not be accepted.
Project Owner will review your application package to ensure all eligibility requirements are met.
To learn more about the community and the available BMR homes, potential buyer is welcome to attend an open house hosted by a member of Bloom Berkeley sales team. The Open Houses are held at the Bloom Berkeley Sales Gallery (2747 San Pablo Avenue):
Open House #1 – Friday, January 24, 2020, 3-5pm
Open House #2 – Friday, January 31, 2020, 3-5pm
LOTTERY – Monday, February 10, 2020
Lottery drawing will be held at the Bloom Berkeley Sales Gallery. Applicants do not need to be present at the lottery. Lottery results will be posted on the Bloom Berkeley Sales Office and website within one week of the lottery.
Is there lottery preference? Yes.
- Households that submit acceptable documentation that at least one member lives in Berkeley will be given the highest preference in the lottery ranking process.
- Households that submit acceptable documentation that at least one member works in Berkeley will be given the second highest preference in the lottery ranking process.
- If the number of units available exceeds the number of qualified applicants in the above listed preference, the units will become available to other qualified applicants outside of Berkeley. After the lottery, Project Owner will contact lottery winners in order of their ranking. Applicants shall submit all required documents within 14 days of being contacted by Project Owner. If 14 days have passed and all required documentation has not been received by applicant, Project Owner will continue onto the next applicant. Once Project Owner reviews applicants full package the City of Berkeley will have a final review of all applicant documents and confirm eligibility within 5 days. Once approved, the Project owner will invite them to review application package and select available BMR unit to go into contract.
After the lottery, Project Owner will contact lottery winners and invite them to review application package and select available BMR unit to go into contract. Once contract is ratified, the City of Berkeley will have a final review of all contract documents and confirm eligibility within 5 days.
FEATURES (Amenities and unit details)
Neighborhood: West Berkeley
Services covered by HOA dues: Water, trash, maintenance of common areas and reserves
Parking: 1 parking available per BMR unit, stacker space to be assigned
Smoking Policy: smoking is prohibited throughout the community including within the units
Pets Policy: Two pets per residential unit
Property Amenities: Roof top deck, bike parking, second floor landscaped area