Below Market Price Housing Program

For more information please call the Housing Authority at (408) 361-4643.

Program Overview:

The Town’s Below Market Price Housing Program (BMP Program) allows low and moderate income households the opportunity to become homeowners. It has a limited number of homes, typically condominiums or townhomes, which are sold at a price below the current market value. In return for the ability to purchase a home at a below-market price, participating homebuyers agree to restrict the price at which they may resell the unit in the future.

Initial eligibility for the program is based on household income; households may not exceed 100% of the area median income, adjusted for household size, as determined by the U.S. Department of Housing and Urban Development (HUD). Applications are then ranked by criteria established by the Town Council, according to such characteristics as current residence in Los Gatos, current employment within Los Gatos, senior citizen status, disability status, and household size. Successful applicants are typically families with children, who are current residents of Los Gatos. All applicants are responsible for securing their own financing. All units must remain owner-occupied.

The BMP Program also has a limited number of rental units available. In order to be eligible to rent a BMP unit, a household may not exceed 80% of the area median income, adjusted for household size, as determined by HUD.

For more information:

The Housing Authority of the County of Santa Clara administers the BMP Program on behalf of the Town. For more information about the program, to receive information on units as they become available, please complete and return the Town's BMP Interest List (pdf), call the Housing Authority at (408) 361-4643.

Developers, if you are considering development in Los Gatos and would like to know how the BMP Program may apply to you, contact the Community Development Department at (408) 354-6874.

Current Program References:
     –         Below Market Price Housing Guidelines and Resolution (pdf)     
     –        2008 Income Limits (pdf)  
     –        2008 Initial Sales Prices (pdf) 
     –        2007 Fair Market (pdf)  

Additional Resources:

–         Housing Authority of the County of Santa Clara

–         Housing Trust of Santa Clara, First-Time Homebuyers Programs

–         Housing SCC

–         Santa Clara County Association of Realtors

–         California Association of Realtors

–         Affordable Housing Information