Resources for Homeseekers

Step 1: Who are you and where do you fit in?

So you are interested in an affordable housing? First, check to see how you fit into the income program structures.

2005 INCOME AND RENT LIMITS HCD PROGRAMS
(including CDBG, HOME and Redevelopment)
Effective February 11, 2005

Persons in Household Annual	Income Very Low (50%)	Annual Income (60%)	Annual Income Low (80%)	Annual Income Median	Annual Income Moderate (120%)
1	$29,000	$34,800	$46,350	$58,000	$69,600
2	$33,100	$39,720	$53,000	$62,200	$74,650
3	$37,250	$44,700	$59,600	$74,500	$89,400
4	$41,400	$49,680	$66,250	$82,800	$99,350
5	$44,700	$53,640	$71,550	$89,400	$107,300
6	$48,000	$57,600	$76,850	$96,000	$115,200
7	$51,350	$61,620	$82,150	$102,700	$123,250
8	$54,650	$65,580	$87,450	$109,300	$131,150

HOME PROGRAM RENT LIMITS
Effective February 20, 2005

Size/Type of Unit	Rent – Low	Rent – High
Studio	$725	$921
1 Bedroom	$776	$989
2 Bedroom	$931	$1,189
3 Bedroom	$1,076	$1,365
4 Bedroom	$1,200	$1,504

Fair Market Rents
Effective February 20, 2005

Size/Type of Unit	Fair Market Rent
0 bedroom (studio)	$945
1 Bedroom	$1,132
2 Bedroom	$1,342
3 Bedroom	$1,870
4 Bedroom	$2,293

The FMRs for unit sizes larger than 4 bedrooms are calculated by adding 15% to the 4 bedroom FMR for each additional bedroom. Source: City of Alameda, HUD

Step 2: Now, explore the options.

Current Alameda Development Corporation Programs

· Developing and building 626 Buena Vista

Other Options in Alameda

· Check out the Alameda Housing Authority projects at www.alamedahsg.org
· Check in with other City of Alameda housing programs, www.alamedahousing.com

Check out other nonprofit housing developers outside of Alameda and the status of their current projects
· East Bay Asian Local Development Corporation in Oakland, www.ebaldc.org
· Eden Housing in Hayward, www.edenhousing.org
· Bridge Housing in San Francisco, www.bridgehousing.com

 

Step 3: Finally, decide what to do.

Buying a home is always a big decision. And in this period where the possibility of buying a market rate home is ever more difficult, the affordable housing options are exciting and welcome, but can be confusing. You need to do your homework. Here are some things to think about.

The Pro's of Purchasing an Affordable Home

· You proudly own a home with no landlord in the wings, possibly moving you out.
· Your mortgage will be tax deductible.
· You have made a commitment to a neighborhood and can build a stable family and network of community relationships.

The Con's of Purchasing an Affordable Home

· There will be limits on your personal build up of equity on the home.
· It may take longer to move up to a larger home, if you need one.

What to do?

· Talk with your family and discuss your long term plans in regards to schools, the possible need for a larger home, financial plans, your job.
· Talk with other owners of affordable homes and get their perspective.
· Talk to a real estate broker that you trust.
· Be clear about your decision when you begin working with an affordable housing program. There are many others in line, so please respect the process.