Below-Market Rate Homes at Hamilton Cottages
Hello Housing is pleased to be managing the sale of two Below Market Rate (BMR) homes on behalf of the developer, Ryder Homes, and the City of Novato. The pre-application period will be open from February 10th at 9:00 am to March 2nd, 2020, at 5:00 pm.
Two (2) three-bedroom brand-new homes will be offered at Hamilton Cottages and are priced to be affordable to low-income (65% AMI) and moderate-income (90% AMI) households. Income limits apply.
65% AMI: $306,807
90% AMI: $516,838
The HOA dues at Hamilton Cottages will be $493/month and will cover the following:
- Common area landscaping and maintenance for pocket community plaza, including outside furniture, pergola, fencing, and BBQs
- Free shuttle for commuter connections and local routes
- Trash and recycling 2x/week
- Community Clubhouse and Cottage Lane maintenance
- Site irrigation and drainage
If you are interested in future BMR opportunities in Novato click the orange box to register for our Stay Connected E-Newsletter to be notified of future BMR opportunities in Novato.
Key Program Eligibility Requirements
While there is no minimum household size requirement in Novato’s BMR program, these particular homes have been priced to be affordable to very low income and low income households of 4. If your household is significantly smaller than this, you may not be able to obtain a mortgage with affordable monthly payments. Households must have at least a 1% down payment and be able to qualify for a 30-year, fixed rate mortgage.
This home will have recorded resale restrictions to ensure the home remains affordable for future generations.
At least one applicant in the household must be 62+.
Features and Amenities at Hamilton Cottages
Ryder Homes is committed to creating a vibrant community at Hamilton Cottages:
- Two-story detached home
- 3 bedrooms and 2.5 bathrooms
- Living space of approximately 1,601 square feet
- 2 car garage
- Just 30 minutes from San Francisco
Learn more about the homes
Hello Housing, Ryder Homes and the City of Novato 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.
|Household Size||Income Limit at 65% AMI||Income Limit at 90% AMI|
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 City of Novato’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 which mean you will only have to compile a detailed application with supporting documentation if you have a reasonable chance of being offered the home for purchase.
What to Expect