What it is:
The City and County of San Francisco offers an inclusionary housing initiative to designate certain properties for lower to middle income first-time homebuyers at “Below Market Rate” (BMR) prices.
What it’s good for:
The program was created to increase the availability of affordable housing for lower to middle income first-time homebuyers and renters. If you are a first time homebuyer, and you meet the financial requirements of the program, you could qualify to purchase a property for less than the current market value, allowing you to buy more house than you would traditionally be able to afford.
What to know:
- Purchasing a BMR property will require that you register with the Mayor’s Office of Housing and Community Development (MOHCD) and meet certain financial requirements.
- In addition to registering and being approved, there is a lottery process which will ultimately determine eligibility for purchasing the property.
- More detailed information regarding the program and qualification process can be obtained from the official MOHCD Program Page.