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.
How to Apply
You may 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: 302 Captain Nurse Circle
Price: $334,549
AMI: 75%
Bedrooms: 2
Bathrooms: 2
Interior Size: 1,066 sf
HOA Dues: $258
Type: Duet-style townhome
Click here for a printable flyer
Open House: Due to COVID-19, there will be no tours of the home until after the lottery.
Offers Due: 12/22/20
View MLS Listing here
Program Income Limits (2020)
| Household Size |
Income Limits by Percentage of Area Median Income (AMI) |
||
|---|---|---|---|
| 75% | 100% | 120% | |
| 1 | $91,550 | $100,150 | $120,200 |
| 2 | $104,550 | $114,500 | $137,350 |
| 3 | $117,650 | $128,800 | $154,550 |
| 4 | $130,650 | $143,100 | $171,700 |
| 5 | $141,150 | $154,550 | $185,450 |
| 6 | $151,600 | $166,000 | $199,150 |
| 7 | $162,050 | $177,450 | $212,900 |
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.
