The City of Cupertino Below Market-Rate (BMR)

BELOW MARKET RATE (BMR)
OWNERSHIP PROGRAM
CONDITIONS/RESTRICTIONS FOR THE BMR
OWNERSHIP PROGRAM
A limited number of Below Market Rate (BMR)
ownership units are located throughout the City of
Cupertino. These BMR units are made available to
qualified median and moderate-income households
who are first-time homebuyers. Maximum gross annual
household income must not exceed the following
published State Housing and Community Development
(HCD) income limits per household size below.
FREQUENTLY ASKED QUESTIONS
The following is a PARTIAL list of the restrictions and
conditions of the BMR for-sale program.
1. Households must meet the BMR ownership income
limits per household size.
2. Households must have at least 5.0% of the BMR
purchase price for down payment plus additional
funds necessary to cover closing costs.
Who is eligible?
First-time homebuyers who meet all of the BMR
ownership requirements.
3. Households are required to be pre-approved and
must obtain primary first mortgage financing by a
lender that approves the BMR program.
Are the income levels based on gross or net income?
Income is based on gross income per household size as
shown below.
4 There will be a Resale Restriction Agreement
recorded against the BMR property.
2015 Housing and Community Development (HCD)
Maximum Income Limits Per Household Size
Size
1
2
3
4
5
6
Median
$74,400
$85,050
$95,650
$106,300 $114,800 $123,300
Moderate $89,300
$102,050
$114,800
$127,550 $137,750 $147,950
Are there any geographical restrictions on who can
apply for this program?
No, anyone can apply for this program.
5 There is a non-refundable $30.00 application fee and
$300.00 administration fee, payable to West Valley
Community Services (WVCS) for the purchase
process.
The City of Cupertino contracts with West Valley
Community Services (WVCS) to help administer the
City’s Below Market Rate (BMR) ownership and rental
program. WVCS manages the intake process and
maintains a waitlist of BMR units. The BMR waitlist is
updated annually and prioritized based on the City’s
priority point system. For more information please
contact WVCS.
How do I get on the BMR interest/waiting list?
You can e-mail [email protected].
with your name and e-mail address.
When are eligibility forms available?
Eligibility forms are available annually in October.
Eligibility forms are due by the last business day of
October.
10104 Vista Drive
Cupertino, Ca 95014
Phone: 408.255.8033
E-mail: [email protected]
Web: www.wvcommunityservices.org
The City of Cupertino
Below Market-Rate
(BMR) Program
2015 Housing and Community Development (HCD)
Maximum Income Limits Per Household Size
Household Size
1
2
3
4
5
6
Very Low-Income
$37,250
$42,550
$47,850
$53,150
$57,450
$61,700
Low-Income
$59,400
$67,900
$76,400
$84,900
$91,650
$98,450
ABOUT THE BELOW MARKET-RATE (BMR)
RENTAL PROGRAM
The City of Cupertino’s BMR rental program was
established to provide very low and low-income
households access to quality rental housing at an
affordable rate.
INCOME GUIDELINES
Note: Specifically for the Vista Village complex, income is
based upon HUD’s Santa Clara County income standards ,
per household size as shown below.
WHO CAN APPLY?
VISTA VILLAGE
2015 Housing and Urban Development (HUD)
Income Guidelines per Household Size
Anyone can apply; however, the City of Cupertino has
established a priority point placement system that
reflects the City’s priorities regarding placement of
households into the limited number of BMR rental units.
The priority point placement system point scale is listed
below. Applicants can receive up to a maximum of three
points based on the following criteria below:
1 point: Cupertino resident
2 points: Employment in Cupertino
Size
1
2
3
Very Low
$37,250
42,550
$47,850
Low
$52,850
$60,400
$67,950
BMR RENTAL REQUIREMENTS
INTERESTED?
Eligibility Forms are accepted in the month of October
annually. Eligibility forms are due on the last business
day of October. If you would like to inquire about the
BMR rental program, please contact the Housing
Programs Manager at: [email protected].
Please include your name and e-mail address.
FREQUENTLY ASKED QUESTIONS?
The maximum income limits for the BMR rental program is
based on the State Housing and Community Development
(HCD) annually published income limits as shown above.
(PARTIAL LIST BELOW)
1.
2.
3.
4.
The gross annual incomes of all household members age
18 or older are considered when determining eligibility.
Candidates must not have ownership of alternative
housing.
Candidate’s assets, including and not limited to CD’s,
money market accounts and funds, may not exceed the
maximum income limit per the household size.
Total household income must be at least 2.5 times the
monthly BMR rent.
Can I use my Section 8 voucher for this Program?
Acceptance of the Section 8 voucher is at the
discretion of the individual apartment complex.
Are the income levels based on gross or take home
income?
Income is based on gross income.
What happens if I move while I am on the waiting
list? How will WVCS contact me?
Candidates currently on the BMR rent wait list are
responsible for updating contact information to
WVCS. In order to remain on the waitlist, the
household must submit a new eligibility form during
the annual open waitlist period in October.
How long do I have to wait until I get a BMR rental
unit?
Candidates are not guaranteed a BMR rental unit. The
waitlist is updated annually and your position on the
waitlist may be higher or lower, depending upon
priority based upon criteria set by the City of
Cupertino and results of the subsequent lottery.
Is there a fee to apply for the BMR program?
There is a non-refundable $30.00 application fee due
at the time when a unit becomes available for your
household.