City of Campbell
BMR Housing Program
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Program Overview
Homeownership
Overview & Listings Resources & Guidelines Approved Lenders
Rentals
Overview & Listings Resources & FAQ
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BMR Homeownership

A path to affordable ownership for first-time homebuyers.

How It Works

The City of Campbell’s Below Market Rate (BMR) Homeownership Program helps income-qualified households purchase a home at a reduced price.

BMR homes are deed-restricted, meaning they are intended to remain affordable over time. In exchange for the lower purchase price, homeowners agree to specific rules related to occupancy, resale, and refinancing—typically for a term 45-55 years.

This program is designed for first-time homebuyers who are ready to purchase, occupy the home as their primary residence, and comply with long-term affordability requirements.

Key Program Guidelines

  • Below Market Value: Homes are sold at restricted prices.
  • Primary Residence: You must live in the home (no renting out).
  • Shared Appreciation: You build restricted and/or shared equity.
  • Deed Restriction: Rules stay with the home for 45+ years.
  • Preferences: Local priorities may apply but are not required.

Eligibility & Income Limits

To qualify, applicants must meet requirements established by the City of Campbell. Income limits are based on Santa Clara County Area Median Income (AMI), as established by California Department of Housing and Community Development.

General Requirements

  • First-Time Homebuyer: No homeownership in the past 3 years.
  • Income Eligible: Household income must be within HCD limits.
  • Assets: Sufficient funds for down payment (usually 3%) + closing costs. Asset limits apply.
  • Financing: Ability to qualify for a mortgage with an approved lender.
  • Household Size: Must meet minimum occupancy standards (e.g., 3 people for a 3-bedroom).

Preferences

When lotteries are held, applicants are ranked by preference:

  1. Displaced by Demolition Households
  2. City of Campbell Employees (up to 10%)
  3. Live in Campbell
  4. Work in Campbell
View City of Campbell BMR Sales Prices & Income LImits

The Homeownership Process

From notification list to getting your keys.

Step 1: Preparation
1
Review Opportunities
Read the guidelines and join the notification List to get alerts.
2
Workshop
Attend a mandatory homebuyer workshop (required for most lotteries).
3
Lender Pre-Approval
Get pre-approved by a BMR lender.
Step 2: Purchasing
4
Submit Lottery Application
Submit an application when a specific property lottery opens.
5
Lottery & Ranking
Applicants are ranked by preference. Top winners submit full files.
6
Close & Move-In
Sign City documents, close escrow, and move in!

Current Opportunities

Monarch by Pulte

ACTIVE

New construction townhomes available via lottery.

  • Units: 2, 3 & 4-Bedroom Units
  • Status: Lottery Applications Open
View Monarch Details

Future Opportunities

New resale and construction opportunities are expected in late 2026.

The best way to ensure you don't miss out is to join the notification list.

Join Notification List

Resources

Access guidelines, legal documents, and specific program information for City of Campbell housing initiatives.

Program Resources

Legal Documents

Density Bonus - Equity Share
  • Density Bonus Restrictions Usage restrictions
    PDF
  • Equity Sharing Deed of Trust Security instrument
    PDF
  • Equity Sharing Promissory Note Loan agreement
    PDF
Inclusionary Program
  • Deed of Trust Security instrument
    PDF
  • Promissory Note Loan agreement
    PDF
  • Resale Restriction Agreement Affordability agreement
    PDF

Don't Miss the Next Opportunity

Join the notification List to receive email notifications when new ownership lotteries open.

Open Notification List Form