Below Market Rate Program
The Below Market Rate (BMR) Program is a local affordable housing program designed to assist low and very-low income households. This program began at Colonnade Apartments in 2015, with 17 of our 169 units deemed as Below Market Rate apartments. Colonnade Apartments partners with Alta Housing, an independent non-profit agency that has worked with Santa Clara and San Mateo Counties for over 40 years, to certify applicants/residents.
Rent Restrictions: Per Santa Clara County, the maximum rent for BMR rental units is published between February and May of each year, depending on when the State of California posts updated income figures. Maximum Allowable Rent shall not exceed a price affordable to lower income and moderate income households, based on a housing cost of 30% of the monthly gross household income for the unit's assumed household size.
New and Renewing Leases: must not exceed the published Maximum Allowable Rents in the current year. BMR units may be charged the following additional fees and utilities in addition to the rents: Water, Sewer, Storage, Pet and Parking. The additional charges and fees must be clearly stated in the Lease Agreement and all non-BMR units must be required to pay the same additional charges.
Income Restrictions: Per Santa Clara County income limits requirements, the perspective resident's combined household income and assets shall not exceed the maximum limit for low- and very low- income households. Maximum income limits for low income are based on 80% of the area media income (AMI), and maximum income limits for very-low income are based on 50% of the AMI. Median Income is determined and published annually between February and May by the California Housing Community Development Department (HDC), depending on when the State of California posts updated income figures.