Each eligibility form will be separated into a subgroup based on priority points. People that live in Milpitas (at least 90 days), People who live in Santa Clara County (at least 90 days). CLICK HERE TO APPLY NOW FOR THE 2021 BMR WAITLIST. The MCC will reduce the amount of federal income taxes otherwise due to the federal government from the Borrower; however, the mortgage tax credit cannot be claimed as a refund. A: The BMR housing stock only has 1, 2, or 3 bedroom homes available. Santa Clara County and may differ from the then current FMR (Fair Market Rate) and/or BMR (Below Market Rate). Arithmetic calculations are applicable only when a household has more than eight members. We are pleased you have inquired about our affordable housing program. For more information, please download the application under the tab to the right. The eligibility for BMR applicants will be based on income limits and prioritized according to the BMR Priority Ranking Policies & Procedures identified by the City of Los Altos.Colonnade Apartments has 17 Below Market Rate Apartments for Very Low and Low Income Households. The current tax credit rate is 15% of the interest paid to the Lender on the first loan or up to 15% based upon an individuals personal tax situation. † The City of Santa Clara also has Limited Housing Assistance Grants. Review the City of Santa Clara BMP Guidelines Handbook, Eligibility Application and its Checklist of Required Documents.You must be able to provide all required documents and meet all program eligibility requirements including the Occupancy Standards and not exceed the Maximum Income Limit for the development and unit. Persons that have been displaced by public or private action. Due to the adjustments HUD can make to income limits in a given county, table data should be the only method used to determine program eligibility. Eligibility Forms will be accepted on the first business day of October annually and will close on the last business day of October annually. To request a Hearing, follow the instructions on the back side of the County NOA you received. You may be contacted by mail or email regarding BMR Program updates. A: As indicated in the application, you must submit verification documentation that confirms your selected preference. Please refer to HUD’s briefing material for additional information on family size adjustments. † Housing Developers are required to designate 10% of the new homes constructed to BMP. Action taken by a housing owner which is beyond an applicant’s control, including a rent increase that is beyond the ability of the renter to pay and results in eviction. The BMR Program uses maximum income limits, adjusted for household size, published by Housing and Community Development (HCD) annually for Santa Clara County. Failure to respond may result in your removal from the waiting list. For more information on how to claim the tax credit refer to IRS Publication 530. Anyone who wishes to be included on the waitlist must apply each year within this time frame, including those who were on the waitlist in previous years. Please view the 2021 BMR Workshop presentation for application and waitlist information. RENTAL RATES & INCOME TABLES FOR 2020 (Published May 26, 2020) Income Categories: The Extremely Low, Very Low, Low, Median, and Moderate-Income Categories for households in Santa Clara County, California, are published periodically by the California Department of Housing and Community Development (“HCD”). A: We calculate the gross income by combining income of adults over 18 years and older at time of application. 2. Some examples of actions that would qualify under this preference point are listed below. For the same household size the median income at the extremely low level is $43,900, very-low is $73,150, low-income is $103,900 and moderate-income is $157,700. Applicants for the BMR Purchase Program are encouraged to attend a First Time Homebuyer Certificate from a HUD certified agency. *Effective April 30, 2020. Cupertino BMR Rental Rates 5/14/19 FY 2019 HCD/HUD Income Limits Santa Clara County, CA . Obtain an application from City Hall, click the download application button on this webpage or download at: 2. Santa Clara Below Market Rate Program Guidelines Summary City of Santa Clara Below Market Rate Program Background † BMR Program has been in existence since 1995. People that live in Milpitas (at least 90 days), 5. The Santa Clara County MCC tax credit reduces the federal income taxes of qualified Borrowers purchasing qualified homes; thus having the effect of a mortgage subsidy. Review Program Requirements and Complete a BMP Online Intake form . You do not need to complete the course in order to submit an application for the BMR Program. † Required to Record a Fixed-Term Repurchase Option & Affordability Restriction on the property for 45 years. Please enable JavaScript in your browser for a better user experience. The BMR Program uses maximum income limits, adjusted for household size, published by Housing and Community Development (HCD) annually for Santa Clara County. If you are offered a home that is not suitable for your preferences, you may choose to decline the offer and remain on the waiting list. Policies & Disclaimer. After submission, you will be placed on the waiting list based on time of submission and preference (if applicable) until a unit becomes available in your income category. Income Limits will be updated each year by HCD. † BMR Program has been in existence since 1995. Currently the City of Milpitas has an OPEN waiting list for the BMR program. According to the 2019 State Income Limits, the median income for Santa Clara County is $131,400 for a four-person household. The City provides limited amount of down payment assistance for very-low and low-income households who are approved and ready to purchase a BMR property. A: The waiting time for an available BMR home varies. The City of Milpitas Below Market Rate (BMR) Program is designed to assist very-low, low- and moderate income households in becoming homeowners. The Cupertino BMR Purchase Program is designed to assist first-time median and moderate-income homebuyers. To qualify for this preference, a member of your household must be a Veteran of the U.S. military. We cannot predict when current owners are ready to sell. For any questions or concerns, please contact: Sara Court, Housing Planner, Community Development Block Grant (CDBG) Subcommittee, Families of Veterans and Servicemen and Women.