Below Market Price Homes in Los Gatos
Homebuyers who previously benefited from the Town of Los Gatos’ Below Market Price (BMP) program can 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 Los Gatos residents.
Check out the existing homes listed below and sign up for our Stay Connected newsletter to learn about future BMP homes for sale in the Town and other opportunities in the Bay Area.
How to Apply
The application period for 101 Smith Ranch Court in Los Gatos closed on January 4, 2019 at 5PM. Lottery results are posted here and have been communicated to applicants.
Los Gatos Preference Point Criteria
Applicants can qualify for up to a maximum of 76 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. Priority will be given to those groups with the highest preference point total (from highest to lowest). For instance, no household with 50 preference points will be ranked higher on the ranking list than a family with 60 preference points. To fully read these point descriptions please read the Town of Los Gatos BMP Housing Program Guidelines. All preference points will be verified during the application process for those households invited to apply.
Preference Point Criteria:
In addition to the below points, applicant households will be awarded 2 points per household member.
6 points will be awarded to applicant households:
- For having a senior citizen as a household member who currently resides in the Town of Los Gatos and has done so for two or more years prior to time of application*.
- For having a senior citizen who no longer lives in the Town of Los Gatos and moved out within the past 5 years, and had lived in the town for at least 2 years prior to moving*.
- For having a member of your household who is a disabled person and currently resides in the Town of Los Gatos and has done so for at least two years prior to time of application***.
- For having a household member who had to relocate as a result of a Town Council action or a Mobile Home park closure prior to time of application.
- For having a household member who is a regular full-time or part-time Town of Los Gatos employee who has been employed for no less than 12 months prior to time of application.
- For having a household member who is a single head of household with dependent children who currently resides in the Town of Los Gatos and has done so for at least 2 years prior to time of application**.
- For having a member of your household employed by a licensed pre-school or a public or private K-12 school or school district geographically located in and serving the Town of Los Gatos and who has been employed by this institution for at least 1 year prior to time of application.
- For having a household member who is employed as a certified first responder for an agency serving the Town of Los Gatos and has been employed for at least 1 year prior to time of application.
4 points will be awarded to applicant households:
- For having a household member currently living in the Town of Los Gatos and who has lived in the Town for at least 2 years prior to time of application.
- For having a household member currently working in the Town of Los Gatos and who has been working in the Town for at least 2 years prior to time of application
2 points will be awarded to applicant households:
- For having a household member who no longer lives in the Town, and had moved away no more than 10 years ago, and had lived in the town for at least 10 years prior to moving.
1 point will be awarded to applicant households:
- For having a member of your household who currently lives or works in Santa Clara County at time of application.
- For having a combined household annual gross income at or below 60% of the HUD AMI adjusted for household size in Santa Clara County
*”Senior Citizen” is defined as any person 62 years of age or older at time of application, or married couples living together when at least one spouse is 62 years of age or older at time of application.
**”Single Parent Head of Household” is defined as a biological or adoptive parent or guardian having legal and physical custody of a child under the age of 18, who will be living in the affordable home.
***”Disabled Person” is defined by the U.S. Social Security Administration’s definition used for the purpose of determining eligibility for Social Security disability benefits which can be found at: https://www.ssa.gov/planners/disability/dqualify4.html.
(effective as of April 1, 2018)
|Household Size||Low-Income Limit at (80% AMI)||Median-Income Limit at (100% AMI)|
|1 person||Not eligible||Not eligible|
To be eligible for the BMP Program, your household’s gross annual income must not exceed 100% of the Area Median Income (AMI) for Santa Clara County (please see Program Income Chart) and applicants must not be on title or hold any interest in a home for the past three years. Applicant households must have at least the same number of persons as the number of bedrooms in a unit, at the time of application, in order to be eligible to purchase that unit. A minimum down payment of 10% of the purchase price is required.
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 Los Gatos’ 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 Town of Los Gatos 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.