FOR IMMEDIATE RELEASE
City of East Palo Alto Below-Market-Rate (BMR) Homeowership Program
|2369 University Ave, East Palo Alto, CA 94303|
EAST PALO ALTO, May 11, 2021 – On May 5th, the Cardiel family got the keys to a 2 bedroom, 2 bath condominium at 2330 University Avenue, and joined the City of East Palo Alto’s Below-Market-Rate (BMR) Homeownership Program.
EPA CANDO, and Bay Area Affordable Homeownership Alliance (BAAHA) team recruited sixty-one applicants, yielding thirty-one eligible lottery participants. The virtual lottery was held on March 10. Multiple high-ranking households were placed into the loan and program qualification process at the same time to assure timely placement. The Cardiel family was ranked 4th in the lottery.
Households received lottery rankings through random draws of a number of tokens assigned to each participant on the basis of preference points specified in the City’s Inclusionary Housing Ordinance.
o Basic eligibility* = 1 point
o Working in East Palo Alto = 1 point
o Living in East Palo . = 2 points
*Basic eligibility: household size, household income, savings, credit score, first-time homebuyer
Thirty-one eligible households participated in the lottery.
7 .. 4-pointers
20 . 3-pointers
0 .. 2-pointers
4 .. 1-pointers
To the Cardiel family.
East Palo Alto Community Alliance and Neighborhood Development Organization (EPA CANDO)
Many East Palo Alto families own “BMR homes,” made possible by the City’s BMR program which for decades has required developers of new for-sale housing to sell some of them at more affordable prices, and which then keeps those homes affordable over time by restricting their resale price. The program is sometimes called the “Ownership BMR Program” because the City’s program also includes many BMR apartments for rent.
EPA CANDO, and Bay Area Affordable Homeownership Alliance (BAAHA) team administer the City’s ownership BMR program.