THE PRE-APPLICATION PERIOD IS NOW CLOSED
Please note that if you missed the September 22, 2017 pre-application deadline there will not be another opportunity to apply to 1274 Garden Street. If you are interested in future BMR opportunities in San Mateo County or the surrounding Bay Area, click on Stay Connected to subscribe to our E-Newsletter.
Below Market Rate Home in East Palo Alto
1274 Garden Street is part of a portfolio of homes which were purchased as part of a new single-family preservation pilot designed to expand and preserve homeownership and rental housing options for low and moderate income households throughout the County of San Mateo. Garden Street is an important outcome of a grant sponsored by the San Mateo County Housing Innovation Fund in 2016. The grant supported Hello Housing’s efforts to craft a strategy to acquire single family homes and convert them to permanently affordable housing, either through a long-term rental or a homeownership strategy. By protecting the affordability of existing housing stock, working families are able to remain in the communities that they have called home for decades.
The home is set to be affordable to moderate-income (120% AMI) households and is priced at $505,000 (income limits will apply). Affordable is defined as a household spending no more than 35% of their income on housing costs. There will be recorded resale restrictions on the home in order to ensure 1274 Garden Street remains affordable for future generations.
If you are interested in this home or future BMR opportunities in the surrounding Bay Area, subscribe to Stay Connected to receive our E-Newsletter.
Features and Amenities
- Three bedroom & two bathroom single-family home
- Updated kitchen with brand new Energy Star appliances
- Two-car garage with ample storage
- Large open back yard
- Commuter friendly location; with easy access to San Francisco and the Silicon Valley by way of US 101
- Close to East Palo Alto Charter School & Martin Luther King Park
- All adults must be first-time homebuyers.
- Households must be able to qualify for a 30-year, fixed rate mortgage.
- All applicants must be U.S. citizens or lawfully permitted for permanent residence.
- All households must earn below 120% of the Area Median Income.
- The minimum household size is three with a maximum of eight.
Preference Point Criteria
Applicants can qualify for up to a maximum of 2 preference points based on the criteria below. All applicants will be grouped based on the total number of preference points the household earns through any combination of preference point criteria. Please note, all preference points will be verified during the application process for those households invited to apply.
Preference Point Criteria:
- 1 Point: At least one adult household member currently Lives in the City of East Palo Alto.
- 1 Point: If no one in your household currently lives in the City of East Palo Alto, at least one adult member of your household moved out of East Palo Alto no more than three years ago, after having lived in East Palo Alto for at least 10 consecutive years.
- 1 Point: At least one adult household member currently Works in the City of East Palo Alto.
Program Income Limits
|Household Size||Income Limit at 120% AMI|
|1 person||Not Eligible|
|2 people||Not Eligible|
Learn more about the home
Download the Marketing Flyer
The Application Process
Buying a home, especially in the Bay Area, is an emotional journey. And because of the scarcity of affordable homes for sale, the competition to buy an affordable home in today’s market can be tremendous. Our goal is to create a qualification process that meets the County of San Mateo’s program requirements AND is respectful of your time. With this in mind, we have broken the application process down into a few key steps.
What to Expect
Hello Housing and the County of San Mateo 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.