Providing below market rate homes is a requirement by the city of Walnut Creek, therefore, it is the city's job to promote the offer of these five units and they are," writes Sarah Fiske. "BMR units are part of almost every development these days. The developer either has them onsite amidst the market rate units or puts them offsite (often the way it’s done in SF) in a stand-alone project. "
I told her I didn't know that 555YVR had made any kind of announcement, and that I'm sorry for implying that the developer was hiding anything. Sorry to readers, too.
Fiske adds that 25 percent of the units are sold, and residents have begun moving in.
And here is the press release:
WALNUT CREEK, Calif. (Oct. 12, 2009) – 555YVR, downtown Walnut Creek’s new boutique condominium residences, are now accepting applications for five below market rate (BMR) homes.
555YVR is a four-story development at 555 Ygnacio Valley Road, a block away from BART.
The available condos include:
One-bedroom live/work, $135,000
One-bedroom, $133,000 (Two available)
One-bedroom plus den, $133,000
Applicants first time homebuyers within the past three years and have qualifying income. Household incomes can not exceed $46,350 for one person, $53,000 for two, $59,600 for three and $66,250 for four people.
Interested buyers can access an application by contacting the 555YVR sales team by phone: (925) 280-8888, by e-mail:email@example.com, in person at the 555YVR sales center (555 Ygnacio Valley Road Walnut Creek, CA 94596), or can download a copy from www.555yvr.com. Applications are due on Tues., Nov. 10, 2009 by 5 p.m. to 555YVR sales center.
An open house to view the BMR units will be held on Tues., Oct. 27 and Thurs., Nov. 5, 2009.
For more information, call (925) 290-8888; or, visit online at www.555yvr.com