Rise Housing Solutions is pleased to be managing the application and buyer selection process for the Below Market Rate (BMR) homes on behalf of the developer, Landsea Homes, and the City of Novato.
There are five brand-new BMR townhomes for sale priced to be affordable to Very Low-income (50% Area Median Income) and to Low-income (65% Area Median Income) households available at Verandah at Valley Oaks. The first eleven (11) BMR homes were offered by lottery in the Fall of 2021 and the final five (5) homes are being offered during the 2023 pre-application period. Income limits apply.
UPDATE: The pre-application for the final five BMR townhomes at Verandah is now closed. The lottery will be held on January 25, 2023 and lottery positions will be communicated to all eligible households by Friday, January 27, 2023.
APPLICATION DETAILS
The lottery results will be sent to all households that submitted an eligible application during the application period and the top ranking applicants will be invited to submit full applications with supporting documents. Households who are invited to submit full applications will be required to demonstrate they have at least 1% down payment and be able to qualify for mortgage financing for the purchase price of the home. Preference will be given to household sizes of 2 or more.
There are two lottery applications for these residences. Please note, if you apply to the Very-Low Income application and are found to be over-income, you will be placed at the back of the lottery list for the low-income homes. If you feel that your household could qualify for both income limits, we encourage you to submit applications to each.
AFFORDABLE TOWNHOMES IN NOVATO
Residence One
This three-story townhome includes two bedrooms, one-and-one-half bathrooms and a one-car garage. Plus, the open-concept living area on the second floor acts as the heart of the home with a free-flowing kitchen, great room and covered deck.
Residence Two
Rest, relax and recharge in this three-story townhome with plenty of space to connect and create memories. Offering a LiveFlex® room off the main living area on the second floor, this design has flexibility at heart with three bedrooms, three bathrooms and a two-car garage.Learn More about these homes
View the Verandah Marketing Flyer
Download the brochure for Verandah.
Download the Verandah Pre-Application Process.
Learn more about what’s happening at Verandah at Valley Oakes.
Rise Housing Solutions, Landsea Homes, and the City of Novato do not discriminate against any persons on the grounds of race, color, religion, national origin, ancestry, sex, gender, gender identity, gender expression, sexual orientation, marital status, familial status, source of income, genetic information, medical condition, physical disability or mental disability, or any other category protected by law.