California’s housing crisis has made it difficult to buy a home, but an opportunity has emerged in Walnut Creek, where a homeownership program will offer three homes to households with at least three to four people that meet 'very low' to 'low' income requirements. The prices for these homes range from $262,750 to $377,000, significantly lower than the local median home price of $1 million. According to Zillow, the average home in Walnut Creek is valued at over $992,000, which is more than three times the below-market price of these homes.
One of the properties is a 2,466-square-foot, two-story, four-bedroom home within Shea Homes’ Abigail Place development, featuring 3.5 bathrooms and a landscaped backyard. The listing indicates that the $262,750 home is near public transportation, Highway 680, schools, parks, trails, and local attractions such as Walnut Creek’s farmers market.
The two other below-market homes will be available through a separate lottery, priced in the mid-$300,000s. The future homes may be located in Esperanza Place and will offer 1 to 4 bedrooms, solar power capabilities, parking with electric vehicle access, and proximity to public transportation, according to the city’s website.
The homeownership program is operated by the nonprofit Bay Area Affordable Homeownership Alliance, with Mechanics Bank providing additional down payment assistance and loan subsidies to qualified buyers. To qualify, applicants must be first-time homebuyers with no ownership in the past three years and must meet income requirements, which cap at $81,400 per year for a family of four. The other two homes have slightly higher income maximums, such as $135,740 for a family of four. Credit scores, debt, and other financial qualifications will also be assessed.
Interested individuals must enter a lottery by the end of this month, and a virtual informational workshop is scheduled for October 21. Ownership will come with conditions, including restrictions on renting the property and requiring city approval for any future home sale.