Town of Los Gatos Header

THE APPLICATION PERIOD IS NOW CLOSED

229 Caldwell Ave
Price: $306,800
HOA: $210/mo
Bedrooms: 3
Bathrooms: 2
Interior Size: 1,285 Sq. Ft.
Type: Single Family Attached

Click here for printable flyer

Click here for Lender Contact list

If you are interested in future BMR opportunities in Santa Clara County or the surrounding Bay Area, click on Stay Connected to subscribe to our E-Newsletter.

How to Apply

The pre-application period concluded on August 31, 2020. Hello Housing and the Town of Los Gatos conducted a lottery and a ranking order was established for all eligible households. You can review the ranking order here. Please note there was a technical malfunction in the pre-application form that overlooked one out of 72 possible preference points to eligible households. The preference points have been adjusted and lottery positions have been accurately updated.

Key Program Eligibility Requirements

  • Eligible households must have at least three (3) household members to qualify for this home.
  • All household members must be first-time homebuyers, which means you haven’t owned a home within the past three (3) years.
  • Homebuyers must be able to qualify for a first mortgage with a thirty (30) year, fixed rate, amortizing term with a reasonable interest rate, based on current market conditions.
  • Households must provide documentation of completion of a HUD First Time Homebuyer Certification course. This requirement can be fulfilled by the close of escrow.
  • Households must have at least a 10% ($30,680) down payment of their own funds which will be verified by bank statements.
  • All households must earn* below 80% of the Area Median Income.

For more detailed information on eligibility and ongoing program requirements download the Town’s BMP Housing Program Guidelines.

*Hello Housing projects future income based on the Gross Income set forth on each applicant’s income documentation for each source of income.

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.

Download BMP Program Guidelines Containing Full Preference Point Descriptions

Income Limits

(effective as of April 30, 2020)

Household Size Median-Income Limit at (80% AMI)
3 people $100,950
4 people $112,150
5 people $121,150
6 people $130,100
7 people $139100
8 people $148,050

 

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

Non-Discrimination Policy

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.

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.

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.