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The Bay Area's comprehensive guide to new homes 111 Bay Area News Group Advertising Section Find us online at NewHomeFinder.news A special program makes million-dollar homes more afford- able for income-eligible homebuyers. How is it that in a market full of million- dollar homes, a first- time homebuyer has an opportunity to purchase newly con- structed homes in the mid-$500,000 and low $600,000 ranges? The answer: affordable housing. What is affordable housing? Affordable housing is housing where the price or rental amount of a home is determined by a calculation that keeps a household's housing payment at or below one-third of their an- nual gross income. This is different from market-rate housing, where the price or rental amount is determined based on what anyone in the "market" is willing to pay as proven by com- parable sales or rents. There is no formula that determines the market price, and it goes up and down based on con- sumer confidence. How do affordable homes get built? Every year, the state of California evaluates how local government entities (cities and coun- ties) are using their building permit-issuing authority to not only get more homes built in their communities, but to make sure that at least a portion of those new homes are priced in an economically diverse way. Local government decision-makers are HouseKeys, your gateway to unlock affordable housing opportunities See HOUSEKEYS Pg 2 HouseKeys' online platform enables government entities and private homebuilders to communicate with income-qualified buyers and renters. Mortgage Updates Advertising contact: Sandy Lek 925-847-2135 slek@bayareanewsgroup.com Editorial contact: Rowan Briggs 925-943-8355 content@bayareanewsgroup.com Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. Mortgages are gathered based on 700 FICO with 80% LTV and between 30-60 lock days. This is an average of all points but the information we gather includes no more than 2 points. 30-YEAR FIXED 3.15 % 5/1 ADJUSTABLE RATE 2.80 % 15-YEAR FIXED 2.46 % For more information on this New Homes section that publishes every weekend, please contact: See all Transactions in Sunday paper See the New Home Finder pages See Page 6 New Affordable HOMES FOR SALE! 2- & 3-Bedroom Homes Available in Lafayette for Income-Eligible Households Woodbury Highlands Community $580,000 to $620,000 Prices pegged to Moderate-Income Household Income Limits as published by the State of California Households Earning at or below 120% of Contra Costa Median Income ($135,650 to $150,700) City of Lafayette Affordable Homeownership Program Sales Administered by HouseKeys on behalf of Davidon Homes 1. Go to housekeys14.com/woodbury 2. Create an account at MyHouseKeys.com 3. Request Application ID for Lafayette and Enter Drawing 223 or 234 Email: CustomerService@HouseKeys.org • Phone: 877-460-5397 Homes Available on First-Come-First-Serve Basis based on Loan Pre-Approval & Program Application File Submission 2 Bedroom / 1.5 Bathrooms HOA Dues: $355.33 per month Two (2) Two-Bedroom, 3-Story Townhomes $585,569 3 Bedroom / 2 Bathrooms HOA Dues: $558.76 per month One (1) Three-Bedroom, Single-Story Split-Level Condo $619,320