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City of Novato’s Below-Market Rate Program

Homebuyers who previously benefited from the City of Novato’s Below-Market Rate (BMR) programs pass along the opportunity to the next owner when they sell their home. This ensures that there will be affordable housing available for future generations of Novato residents. Bookmark this page or sign up here to learn about BMR homes that may be for sale in the City of Novato and other opportunities.

To learn more about the Novato BMR Program, please see the BMR Program Flyer.

You may also review our 10-Step Guide to the Application Process to learn about how you can prepare to apply for available homes you are interested in purchasing.

For Sale: 522 Entrada Drive #206

Price: $293,123

Bedrooms: 2

Bathrooms: 1

Interior Size: 1,050 sf

Type: 55+ Condo Community

Click here for a printable flyer.

Open House: 9/9/18 from 1PM to 4PM

Offers Due: 9/17/18

 

 

 

 

 

Program Income Limits (2018)

Household
Size
Income Limits by Percentage of
Area Median Income (AMI)
75% 110% 120%
1 $77,050 $91,200 $99,450
2 $88,100 $104,200 $113,700
3 $99,100 $117,250 $127,900
4 $110,050 $130,250 $142,100
5 $118,900 $140,650 $153,450
6 $127,700 $151,100 $164,850
7 $136,500 $161,500 176,200

 

Income Limits Vary Based on the Home for Sale

When Meadow Park was first developed, each home was assigned an “income band” to ensure a variety of affordability throughout the development. When a home becomes available for sale, the maximum income allowed for that particular home will be included in the MLS listing and the marketing flyer. The possible income bands will be 55%, 65%, 75%, 90%, 100%, 110% or 120% of Area Median Income based on household size. For Villa Entrada, all homes can be sold to households earning up to 120% of Area Median Income.

HELLO HOUSING IS A
PROUD AFFILIATE OF

Matt Franklin, President of MidPen and Hello Housing board president, believes everyone deserves quality, affordable housing.

Michelle is a proud new homeowner who purchased a Hello Housing NSP home in San Lorenzo.

Board Member Rick Jacobus is a national expert using data, not anecdote, to design more impactful affordable homeownership programs.

Mardie Oakes, President, blends finance, design and development to make places people thrive.

Jennifer Duffy, Vice President, turns opportunity into action with the Hello Housing team.

Apple lives in a new type of housing made possible by Senate Bill 962, sponsored by former Senate pro Tem Darrell Steinberg.

Larry shares a duplex with two housemates in an innovative residential program called the Family Teaching Model.

Tien is a proud new owner of an affordable home in Newark, as well a box full of tools to make home repairs easy.

Matt Warner, Program Director for Hello Stewardship, makes affordable homeownership happen.