What is the current income level required to be eligible for affordable housing?
Since 1974, the City of Palo Alto has had a Below Market Rate (BMR) purchase and rental housing program. The BMR purchase program is aimed at households earning between 80-120% of the area median income (AMI), while the rental program is aimed at households earning between 40-80% of the AMI. 100% of the AMI is $106,300 for a family of four in Santa Clara County.
The State Department of Housing and Community Development (HCD) publishes the AMI for Santa Clara County on an annual basis. The current AMI published by HCD is $106,300 for a family four in Santa Clara County. The income limits for the BMR program range from very low income to moderate income. More information on HCD income limits can be found by downloading this PDF.
Who Manages the City of Palo Alto Affordable Housing Program? Currently, the nonprofit, Palo Alto Housing (PAH) administers the Below Market Rate (BMR) ownership and rental programs for the City of Palo Alto. PAH determines an applicant's eligibility for the Below Market Rate (BMR) affordable housing programs. PAH also manages the waiting list for the ownership program, while each property manages its own rental waiting lists.
In addition to meeting the eligibility requirements, there is a current waiting list of approximately 450 applicants for the BMR purchase program.
Here's a link to the 2015/2016 BMR household salary range and pricing for rental units.
Here’s a link to the 2015/2016 80% to 100% household salary range and pricing for new BMR units for purchase.
Here’s a link to the 2015/2016 100% to 120% household salary range and pricing for new BMR units for purchase.