Resources for homeowners and potential homeowners
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This guide provides the general guidelines for the City of Hayward Affordable Housing Ownership Program. These guidelines may be revised from time to time without notice.
An owner of a below market rate (BMR) unit should contact the City before starting any capital improvement project. Certain capital improvements may increase the value of the home if you decide to sell but only if you have City approval.
An Eligible Capital Improvement is a permanent home improvement that significantly increases the value of your home. Not all home improvements are Eligible Capital Improvements. Anything temporary or removable would not qualify nor would repairs or replacement of existing facilities or improvements in the home. Eligibility is at the discretion of the City and improvements must meet the criteria outlined in your Buyer's Occupancy and Resale Restriction Agreement, with Option to Purchase (the "Resale Restriction Agreement").
When an owner of a below market rate (BMR) unit decides to sell their home, they must sell their home to an income eligible buyer and the City will calculate the maximum price that the home can be sold.
This maximum price is called the Maximum Restricted Resale Price. Homeowners of a BMR unit who wish to sell their home should contact the City before starting the sale process. The information below will help homeowners of BMR units understand how the Maximum Restricted Resale Price is calculated.
Units that are part of the City of Hayward Inclusionary Housing Program (also referred to as below market rate or BMR unit) require City written approval in order to refinance.
An owner of a BMR unit should contact the City before starting the refinance process.
Please note: Homeowners who wish to refinance a BMR unit must work with a Lender that works with a third-party escrow company unaffliated with the Lender. An example of a Lender that does not work with a third-party escrow company is QuickenLoans as their escrow services are handled in-house. This means Homeowners would not be able to work with QuickenLoans to refinance a BMR unit unless QuickenLoans agreed to work with a third-party escrow company. This is because the City is unable to deposit City documents required for the refinance with the Lender who would be a party to the refinance transaction.
Units that are part of the City of Hayward Inclusionary Housing Program (also referred to as below market rate or BMR unit) must be resold to an eligible purchaser approved by the City.
Real estate professionals assisting homeowners of BMR units with a resale, should contact the City at the start of the process to understand the requirements and ensure a timely close of escrow.
As the impacts from the COVID-19 pandemic continue to ripple across our nation, an escalating foreclosure crisis among FHA-insured borrowers is reaching a cataclysmic point impacting hundreds of thousands of borrowers.
We understand that many homeowners may be struggling and unable to make mortgage payments due to the COVID-19 pandemic.
If you or someone you know are one of the many FHA-borrowers in communities across the country having difficulty paying your mortgage due to the pandemic, we urge you to act now.
Information coming soon...
- Alameda County Boost (AC Boost) Program: This program is funded by Alameda County Measure A1 and provides down payment assistance loans to eligible, middle-income, first-time homebuyers to facilitate the purchase of owner-occupied homes in Alameda County. A second round of funding is anticipated to be available starting in mid-June 2021. You can sign up on the acboost.org website to stay up to date on the latest news related to this program.
- Alameda County Mortgage Credit Certificate Program: This program provides qualified first-time homebuyers with an opportunity to reduce their amount of federal income tax, which increases their overall income and ability to qualify for a mortgage loan. This program is administered by the Alameda County Community Development Department.
- Habitat for Humanity Home Repair: By providing affordable home repairs, this Home Repair Program preserves homeownership for low-income residents while alleviating critical health and safety concerns.
- Housing and Urban Development Guide to Avoiding Foreclosure: This site includes tips for homeowners to avoid foreclosure and foreclosure rescue scams as well as rental assistance and relocation resources if you can’t keep your home.
- Housing Rehabilitation Services: The City funds two home repair and rehabilitation programs, administered by Habitat for Humanity East Bay/Silicon Valley and Rebuilding Together Oakland/East Bay. Learn more about the programs here →.
- Renew AC Loan Program: Renew Alameda County (Renew AC) helps residents make home improvements that are necessary to stay, grow, and thrive in their homes.
- The State of California Finance Agency (CalHFA) also helps low and moderate-income first-time or non-first time homebuyers purchase a home by providing access to affordable first mortgages and down payment assistance. Some of the programs offered by CalHFA are the CALPLUS with ZIP, the MYHOME Assistance, and the Extra Credit Teacher programs. To benefit from the CalHFA loan programs, potential buyers must contact one of the CalHFA-approved lenders or preferred loan officers.
- Workforce Initiative Subsidy for Homeownership (WISH) Program: This Program provides matching grants to qualified first-time homebuyers.
An owner of a market rate unit should have their chosen real estate professionals contact the City at the start of the refinance process. The information below will help homeowners who have a market rate unit with a City loan understand their options.
Borrowers who have a City loan and are looking to refinance may have a couple of options. Sometimes your options may be dependent on your Lender and/or your financial situation.
- Payoff your City loan
- Request the City subordinate the City loan to your new Lender loan