WAITING LIST OPENS FOR SUNNYVALE’S BELOW-MARKET-RATE HOME OWNERSHIP PROGRAM
SUNNYVALE, Calif. – Addressing the need for additional affordable housing in Santa Clara County, the City of Sunnyvale is opening the waiting list for its successful Below- Market-Rate (BMR) Home Ownership Program. The Sunnyvale Housing Division will accept applications for the program between February 1 and March 1, 2004. The BMR program assists first-time homebuyers who want to buy an affordable home in Sunnyvale.
Eligible BMR applicants must live or work in Sunnyvale and have a total household income within the moderate income range for their household size. For example, minimum income for a household of four people is $73,850 and the maximum is $126,600. If accepted on the waiting list to purchase a BMR home, homebuyers must submit a full application and verifiable documentation of eligibility, and agree to comply with the program benefits and requirements, which include participation in pre- and post-purchase educational programs.
There are currently 180 BMR ownership units throughout the City and 40 more are scheduled to become available in the next two years. Sales prices for the BMR homes range from $188,074 to $265,805 for one- to four-bedroom homes. The City opens and closes the waiting list every two to three years in accordance with the projected availability of BMR units for purchase.
The Sunnyvale City Council created the BMR Home Ownership Program in 1985 to provide home ownership opportunities for moderate income households. Residential developers undertaking projects with nine or more for-sale units are required to set aside 12.5 percent of the units to sell to moderate income households at reduced sales prices.
Applications are available at Sunnyvale City Hall (456 West Olive Avenue), the Sunnyvale Public Library (665 West Olive Avenue) and on the City Web site (http://www.sunnyvale.ca.gov). More information is available by calling (408) 730-7456, TDD (408) 730-7501. Completed applications must be returned to City Hall by 4 p.m. on March 1, 2004.