When an owner of a Below Market Rate (BMR) property decides to sell their home, they must sell their home to an income eligible buyer. The City will calculate the maximum price that the home can be sold, the Maximum Restricted Resale Price. Homeowners of a BMR property who wish to sell their home should contact the City before starting the sale process.

Calculating the Maximum Restricted Resale Price for BMR Units

The Maximum Restricted Resale Price calculation is determined by development and can be found in your Buyer's Occupancy and Resale Restriction Agreement, with Option to Purchase (the "Resale Restriction Agreement"). 

Please note: Some older versions of the Resale Restriction Agreement are titled Affordable Housing Covenant and Restriction on Sale and the Maximum Restricted Resale Price is referred to as the Affordable Housing Cost. 

Please also note: Homeowners who wish to resale a BMR unit should let their real estate agent or other real estate professionals know that they will need to work with a third-party title company acceptable to the City to handle escrow. Acceptable third-party title companies include: WFG National Title Company (formerly Doma Title), First American Title Company, and Old Republic Title Comany.

Below is a summary of the calculation by development:

1. Renaissance Walk. The Maximum Restricted Resale Price shall not exceed the product of thirty-five percent (35%) times one hundred ten percent (110%) of area median income (AMI) adjusted for familly size appropriate for the unit.
2. Garden Walk. The Maximum Restricted Resale Price is the owner's purchase price increased by the percentage of increase in the Consumer Price Index (CPI) from the date of the original purchase of the home by the owner to the date of receipt by the City of the owner's intent to sell.
3. Crossings at Eden Shores. The Maximum Restricted Resale Price is the owner's purchase price increased by the percentage of increase in the Consumer Price Index (CPI) from the date of the original purchase of the home by the owner to the date of receipt by the City of the owner's intent to sell.
4. SoHay. The Maximum Restricted Resale Price is the owner's purchase price increased by the percentage of increase in the Median Income from the date of the original purchase of the home by the owner to the date of receipt by the City of the owner's intent to sell. 

Upward Adjustments

Eligible Capital Improvements

Certain capital improvements may increase the value of your home if you decide to sell but only if you have received City approval. An owner of a below market rate (BMR) unit should contact the City before starting any capital improvement project.

To learn more about the eligibility criteria, please visit the Capital Improvement Approval Process page. 

Original Closing Cost

The Maximum Restricted Resale Price will never be lower than the sum of your original purchase price plus the original closing costs that you paid when you bought the home. If the Maximum Restricted Resale Price is less than the sum of your original purchase price plus the original closing costs, the Maximum Restricted Resale Price will be adjusted upward to match. No Upward Adjustment will be made if any Downward Adjustment is required in the event you have failed to maintain the home in good repair or you are otherwise in default under or in violation of the terms of the Resale Restriction Agreement. 

Downward Adjustments

If applicable, the Maximum Restricted Resale Price shall include a downward adjustment in an amount necessary:

• To repair any violations of applicable building, plumbing, electric, fire or housing codes or any other provisions of the City of Hayward Building Code; and
• To make repairs on the home to put the home into a sellable condition 

Requesting a Quote

• Estimate. If you would like an estimate of the current Maximum Restricted Resale Price for your home, e-mail housing@hayward-ca.gov and request a quote. Please note that any quote provided to you is only an estimate and subject to change. The final Maximum Restricted Resale Price is calculated at time of sale.
• Resale. If you are selling your below-market rate unit, have your real estate professionals e-mail housing@hayward-ca.gov. 

Questions About the Maximum Restricted Resale Price

For general questions, please e-mail housing@hayward-ca.gov.