Hayward launches lottery for dozens of new homes below market price – NBC Bay Area

0

The town of Hayward is accepting applications for a real estate lottery for about 60 new homes below market price.

Two- and three-bedroom homes cost between $170,000 and $300,000. To qualify, applicants’ household income can be up to $185,000 depending on the size of their household.

Although Hayward is pushing to develop more housing, it’s in the same boat as other Bay Area communities: there are more people wanting to buy a home than there are homes available.

By law, all cities and counties in California must plan for population growth to meet the state’s long-term housing plan. But a Hayward town official says construction costs are just one impediment. Bureaucracy is another.

The town of Hayward is accepting applications for a real estate lottery for about 60 new homes below market price. Reporting by Bob Redell.

“It’s hard to develop housing, so anything we can try to remove a lot of those barriers, anything the state can do to remove those barriers, anything we can do to reduce the cost of construction will make it easier for developers to build housing,” Deputy City Manager Jennifer Ott said.

California needs to build 2.5 million homes by 2030 to address the housing shortage. About 1 million must be affordable for low-income households.

To put the pace of construction into perspective, less than 600,000 homes have been built in the past eight years.

For more details on the Hayward lottery, visit housekeys8.com. To check the availability of a similar lottery in other Bay Area communities, visit housekeys.org.

Share.

Comments are closed.