SUNNYVALE OPENS BELOW-MARKET-RATE HOUSING WAIT LIST

SUNNYVALE, Calif. – The City of Sunnyvale will open the Below-Market-Rate (BMR) housing wait list
for a one-month period, beginning February 1. Applications will be accepted by the City’s Housing Division through February 28. The BMR program assists first-time homebuyers who want to buy an affordable home for sale in Sunnyvale and helps meet the need for additional affordable housing within the county.

In order to be eligible for the Sunnyvale real estate BMR program, applicants must live or work in Sunnyvale, and have a total household income within the moderate income range for their household size. For example, minimum income for a household of four people is $73,850, and the maximum is $126,600. If accepted on the waiting list to purchase a Sunnyvale real estate BMR home, homebuyers must submit a full application, verifiable documentation of eligibility, and agree to comply with the program benefits and requirements, which include participation in pre- and post-purchase educational programs.

There are more than 200 BMR homes available for purchase throughout the City of Sunnyvale, and approximately 200 additional BMR homes scheduled to become available in the next three years. Current sales prices for BMR properties range from $190,822 for a one-bedroom home, to $269,115 for a four-bedroom home. At the time of purchase, buyers must have a minimum of 3 percent of the purchase price and closing costs in readily-available funds for a downpayment.

The Sunnyvale City Council created the BMR Home Ownership Program to provide home ownership opportunities for low- to moderate-income households. Residential developers building projects with nine or more for-sale units are required to set aside 12.5 percent of the units as BMR homes to be sold at reduced prices.

BMR applications are available at Sunnyvale City Hall, 456 W. Olive Ave., Sunnyvale Public Library, 665 W. Olive Ave., and on the City Web site at AffordableHousing.inSunnyvale.com. For more information, call (408) 730-7456, TDD (408) 730-7501. Completed applications must be returned to City Hall by 4 p.m., February 28.