Below Market Rate (BMR) Program
The Below-Market-Rate Homeownership (BMR-HO) Program, administered by the Marin Housing Authority (MHA), is designed to increase the availability of affordable housing options for low to moderate-income households. By offering condominiums and townhomes for sale at below the market rate prices, the program aims to assist those who are priced out of the competitive housing market, ensuring diversity and inclusivity within communities. It regulates the price of the BMR units to ensure affordability. The program was developed in response to "inclusionary zoning" ordinances prevalent in Marin County jurisdictions. These ordinances require developers of new residential projects above a certain size to sell a percentage of the units at below-market rates. This is a strategic effort by local cities, towns, and the County of Marin to bolster the region's affordable housing.
Marin Housing Authority (MHA) administers the BMR program for several jurisdictions within Marin County, including the County of Marin, the City of San Rafael, the Town of Tiburon, the Town of San Anselmo, the City of Larkspur, the Town of Corte Madera, and the City of Mill Valley.
The City of Novato has their own Below Market Rate Portfolio that is administered by Rise Housing Solutions. Visit the City of Novato’s website to learn more about their Below Market Rate program.
To learn more about the program, review the process below and or review our BMR Program Summary.
Step-By-Step Process: What and When
Determine Your Eligibility
Research and determine if you are eligible for the Below Market Rate Homeownership program.
First-Time Homebuyer Certificate
Once you have determined that you are eligible for the program, complete the Homebuyer education course from one of our HUD certified counseling agencies to get your Homebuyer Certificate if you have not already done so.
Join the Email List
Sign up to receive notifications of Below Market Rate Homeownership Opportunities in Unincorporated Areas of Marin County, San Rafael, Larkspur, Corte Madera, Mill Valley, Tiburon, and San Anselmo. These notifications will include property information, eligibility qualifications, application requirements, and submission deadlines. Lotteries are conducted among eligible applicants who submit required documents before the deadline posted in each listing.
Lottery Drawings
A drawing is held each time a BMR unit becomes available. Opportunities will be posted on MLS and distributed via the BMR Opportunity email list. The notice/unit listing will outline the specific requirements, deadlines, and details for each unit. In addition, each unit will include instructions on how to submit a complete offer package in order to be included in the lottery drawing for that unit.
Buyer Selection Process
Marin Housing will utilize a computer-generated lottery system to create a numerical ranking order of eligible households that submitted complete offers to establish the priority order of potential buyers. The top lottery winners are notified using the contact email and phone number on the application, and they are prescreened for eligibility based on application completeness and income eligibility.
BMR Ownership
Marin Housing will utilize a computer-generated lottery system to create a numerical ranking order of eligible households that submitted complete applications to establish the priority order of potential buyers. The top lottery winners are notified using the contact email and phone number on the application, and they are prescreened for eligibility based on application completeness and income eligibility.
BMR Re-Sales
Owners must first notify the Authority in writing if they wish to sell, lease, or otherwise dispose of the property. Similar to conventional real estate, the sales process can take 3-4 months to complete depending on the condition of the property and each owner’s unique circumstances.
