City-assisted below market rate [BMR] homes have deed restrictions that allow resale only to purchasers that meet the unit’s Affordable Housing Program eligibility criteria. The resale terms for each property are unique, so contact the seller’s agent for the disclosure package detailing the property’s Affordable Housing Program terms, deed restrictions, and the application forms.
The City provides this listing to assist buyers in finding BMR units.
City-assisted BMR homes require owner occupancy. Prospective buyers are encouraged to carefully review the disclosure package to pre-screen for these key eligibility criteria before making an offer:
- the buying household will permanently owner-occupy the home
- the buying household has a stable household composition that meets the unit’s minimum household size requirement
- the buying household’s current income does not exceed the income cap for their household’s size
- the buyer’s loan pre-approval meets the unit financing requirements [loan type, loan to value, buyer contribution]
- the buyer can document their ability to meet the down payment requirement
- the buyer can document their ability to meet the program ratio requirement