patrick.net

http://www.zillow.com/homedetails/503-Sandlewood-St-503-Menlo-Park-CA-94025/79847601_zpid/

Is this one likely a BMR unit? The sales record on Zillow has it selling at 332000 in May of 2007 and 336,000 in July 2010. I would have a hard time staying out of these if I could buy on for 350. If it is BMR, then we don't qualify for the income limits. :-(

Has to be BMR, right?

What's BMR?

Below Market Rate. As I understand it, a certain number of units in a new development are often required to be set aside for below market rate housing. Basically set aside with a fixed sales price. The owner can buy it and get some limited appreciation on it while they live there. So if they sell, the price is capped. They do get to keep the difference between when they bought it and when they sold it.

BMR, below market rate housing. Different cities had different programs during the bubble. I don't know if they still do. The upper income limit is about 96K. When I was single and in the first couple of years of my job, I could have qualified. That was 2005 and a terrible time to buy. Now married, we make too much money.

BMR = purchase version of sectio 8 but even easier to abuse. A friend was able to qualify on pharmacy intern salary $20/hr, then got the job as a regular pharmacist around $75 an hr and still get to keep the subsidy.

20% of the condo's in downtown SF built recently are set aside for BMR. I think any new planned development of a certain size have to set aside a certain % as BMR.