Community Corner

Below Market Rate Ownership Opportunity In Millbrae

This is a City of Millbrae below market rate (BMR) condo that has a forty-five (45) year ownership and resale restrictions.

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Press release from the City of Millbrae:

November 5, 2020

City of Millbrae

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Below Market Rate Ownership Opportunity

1388 Broadway, Millbrae Park Broadway Complex

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2 Bedroom 2 Bathroom Condominium / 1276 Square Feet

Sales Price: $517,065

This is a City of Millbrae below market rate (BMR) condo that has a forty-five (45) year ownership and resale restrictions. Owner(s) of the BMR condo must reside in the condo, and cannot rent it out. The following requirements must be met to purchase the condo.

  • Gross household income must be less than 120% of San Mateo County’s area median income, adjusted for household size (see table below).
  • Lottery winning buyer(s) must have at least a 640 FICO score and be able to secure fist loan
  • There must be at least two members in the household to purchase the condo.

    Prospective homebuyers must apply to participate in a lottery to purchase the condo. Applicants will be assigned preference points. Lottery winners with the highest preference points will receive priority in the lottery. Preference points are provided to applicants who:

  • Live in Millbrae
  • Work in Millbrae
  • Are first time homebuyers

    The City of Millbrae has contracted the Bay Area Affordable Homeownership Alliance (BAAHA), www.myhomegateway.org, to administer the sale of this BMR condo.

    All interested lottery applicants should take the following next steps:

  • Before doing anything else, make certain to get more information on this BMR ownership opportunity by visiting BAAHA’s website: http://www.myhomegateway.org/millbrae--1388-broadway--268.html.This website will provide you more information on Millbrae’s BMR program, and on how to secure a BMR Program application to apply for the BMR condo.
  • If you are interested in purchasing the BMR condo: download the application from the website, fill it out, and submit it to BAAHA.More detailed application instructions are provided at the website.
  • For questions and more information email BAAHA at info@myhomegateway.com

    • This press release was produced by the City of Millbrae. The views expressed here are the author’s own.

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