Income Limits
Applicant to the BMR Program qualify based upon the most recently published Housing and Community Development (HCD) income limits per household size. Please refer to the chart below to see if your household qualifies, The income limits listed are annual gross income(before taxes taken out). In summary, growss household income is hte sum of all the income for every adult, 18 years or older. Sources of income include all wages or salaries, overtime, bonuses, pensions, and any other sources of income.
The waitlist is split up into three income categories, 50% (Very Low-Income), 80% (Low-Income) or 120% (Moderate-Income) Area Median Income (AMI) and sales prices are calculated accordingly. Exact sales prices will be available when a unit or development becomes avaliable for resale. There currently are no units for sale.
| Household Size | Income Limit at 50% AMI | Income Limit at 80% AMI | Income Limit at 120% AMI |
|---|---|---|---|
| 1 person | $54,500 | $84,600 | $130,800 |
| 2 people | $62,300 | $96,650 | $149,500 |
| 3 people | $70,100 | $108,750 | $168,150 |
| 4 people | $77,850 | $120,800 | $186,850 |
| 5 people | $84,100 | $130,500 | $201,800 |
| 6 people | $90,350 | $140,150 | $216,750 |
| 7 people | $96,550 | $149,800 | $231,700 |
| 8 people | $102,800 | $159,500 | $246,650 |
Effective May 9, 2024. Income limits will be updated each year by RHS.
AMI refers to Area Median Income.
Asset Limit
Assets are the combined assets of all household members including, but not limited to, checking and savings accounts, stocks, mutual funds, profit sharing accounts, CDs, and money market accounts. When a household has total household assets in excess of $5,000, the greater of 10% of assets over $5,000 or actual income will be added to the household gross annual income for program qualification. Excluded from assets are all non-accessible funds or any assets that generate a penalty when withdrawn, i.e., 401K, CALPERS, STRS, and other pension plans.
When a household has total household assets in excess of $5,000, the greater of 10% of the total assets over $5,000 or actual asset income will be added to the total household Gross Annual Income.
Household Size
There is minimum household size of 1 person per bedroom. For example, in order to be eligible for a 2 bedroom unit, the household size will need 2 or persons in order to be eligible. Household size is the total number of individuals who will be living in the unit (including children). Children must reside in the household at least 50% of the time to be considered part of the household.
Available Cash for Down Payment, Closing Costs to Purchase
Households are required to have readily available assets of a minimum of 3% of the purchase price to cover down payment and closing costs to purchase. Pricing will vary based on income limits and bedroom counts. Generally, at least $10,000 will be required of the purchaser.
Owning Property
All applicants who will be on property title must be first-time homebuyers. Applicant(s) shall be considered a first-time homebuyer if they have not owned any residential real estate for at least three years. This definition applies to property owned in foreign countries as well as in the United States. An exception will be made for people who were homeowners prior to a divorce or legal separation.