Bay37 Units listed with HouseKeys

This message is to assist prospective buyers to understand how to better prepare for purchasing the units that are part of the City of Alameda’s Affordable Housing Program.

Note: This update is only for the Bay 37 Units listed with HouseKeys. For more info on the Units, visit the HouseKeys Bay 37 Website Page by clicking HERE.

We encourage you to talk with your loan officer about the estimated monthly payment, including non-mortgage costs, to ensure you can afford it.

Affordable Housing Units are priced using housing payment assumptions. As the interest rate market has shifted, HouseKeys has found that buyers are having difficulty qualifying. The legal agreement between the City of Alameda and Pulte Homes, the homebuilder for Bay 37, calls for pricing which is locked in and cannot be changed at this time. The City of Alameda requires a buyer’s total housing payment to meet certain ratios based on gross monthly income before taxes (Click HERE to view buyer’s guidelines).

ESTIMATED Non-mortgage monthly costs:

  • HOA monthly fees

  • Property Insurance

  • Regular Property Taxes

  • Mello roos / special bond tax - Approximately $500/month. Please confirm with your loan officer.

  • Solar Installation and purchase is required and not included in the purchase price: The Solar Power installation is completed by Sunnova or SunPower. Buyers may either purchase the Solar Power Unit, adding the cost to the purchase price and financing it through their lender, or lease directly from the solar provider. A Capital Improvement Credit will be added to the buyer’s purchase cost, and the depreciation schedule will be noted in an addendum to the Agreement. Please work with your loan officer to ensure this cost is considered. The cost of Solar panels can range from $9,400 to $14,000. The solar company contact information can be found on the Opportunity Drawing Notice at https://www.housekeys17.com/bay37.

  • Mortgage Insurance if Applicable

HouseKeys

HouseKeys is an Affordable Housing Program Administrator who works alongside cities and builders to provide affordable housing opportunities to income-eligible households.