BELOW MARKET RATE (BMR) Purchase Program

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The 2020 Waitlist is now CLOSED.

FOR MORE INFORMATION, CONTACT Hello Housing:
Cupertino@hellohousing.org
(415) 863-3036 (messages returned within 36-48 hours)

BMR PROGRAM FAQs: 
http://www.hellohousing.org/stewardship/cupertino/faq/

BMR Informational Workshop Presentation (September 12, 2019)

The Cupertino BMR Purchase Program is designed to assist first-time median and moderate-income homebuyers.  The BMR Program uses maximum income limits, adjusted for household size, published by Housing and Community Development (HCD) annually for Santa Clara County. 

The waitlist application period for the BMR Rental and Purchase Program is open annually during the month of October. Eligibility Forms will be accepted on the first business day of October annually and will close on the last business day of October annually. Anyone who wishes to be included on the waitlist must apply each year within this time frame, including those who were on the waitlist in previous years. Each eligibility form will be separated into a subgroup based on priority points. For applicants reapplying for a position on the waitlist, the applicant will maintain their current position on the waitlist from the previous year, provided the applicant continues to qualify for a BMR unit and their priority points remain unchanged. Applicants who are no longer income eligible, or who do not reapply, will be removed from the waitlist each year. Applicants for the BMR Purchase Program are encouraged to attend a First Time Homebuyer Certificate from a HUD certified agency to apply.

2019 Housing & Community Development (HCD) Maximum Income Limits*

BMR Purchase Program

  Household Size

 4

 5

6

  Median Income

$92,000 $105,100 $118,250 $131,400 $141,900 $152,400

  Moderate Income

$110,400 $126,150 $141,950 $157,700 $170,300 $182,950

*Effective May 6, 2019. Income Limits will be updated each year by HCD.

Mortgage Credit Certificate (MCC) Program

The Mortgage Credit Certificate Program (MCC) provides financial assistance to first-time homebuyers.  The Santa Clara County MCC tax credit reduces the federal income taxes of qualified Borrowers purchasing qualified homes; thus having the effect of a mortgage subsidy. The current tax credit rate is 15% of the interest paid to the Lender on the first loan or up to 15% based upon an individuals personal tax situation.  The MCC will reduce the amount of federal income taxes otherwise due to the federal government from the Borrower; however, the mortgage tax credit cannot be claimed as a refund.  MCC Borrowers may consider adjusting their federal income tax withholdings so as to benefit on a monthly basis from the MCC. For more information on how to claim the tax credit refer to IRS Publication 530.