Below Market Rate Homeownership 

The City of Marina has established a Below Market Rate (BMR) Homeownership program.  This program is adopted to implement and administer the Inclusionary Housing Units that are required within the approvals of new housing developments with the City.  An Inclusionary Housing Unit is a home that is reserved for sale to people and families that meet certain income requirements.

The adopted BMR Homeownership Program Administrative Policies and Procedures set forth the eligibility criteria and application requirements for prospective BMR home buyers, as well as long-term BMR homeownership requirements. The Program was established to provide affordable home ownership opportunities to moderate, workforce, and bridge income level qualified homeowners. The Program provides priority to purchase available BMR homes to those eligible home buyer households who currently live or work in Marina.

*  Sea Haven Below Market Rate Unit Program

From September 8, 2023 to October 8, 2023, the City held an application window for interested purchasers of a Below Market Rate home to submit their interest and qualifications to be included in a lottery to establish the rank order in which potential buyers will be able to purchase a new home in the Sea Haven community.  In this lottery window a total of 776 applications were received.  If you missed this window, you can still get your name on the interest list and will have the opportunity to purchase a unit once the lottery rank order list is exhausted.  See below on this webpage for more information. 

Two lotteries have been held to establish the rank order in which homes will be sold.  The first lottery included applicants that were eligible for Preference Points because they lived and/or worked in Marina. The second lottery included applications that were not eligible for Preference Points.  

The rank orders established by the lotteries will be used as the order in which purchasers will be offered the opportunity to purchase a unit.  Units will be available a few at a time over the next 2-3 years as they are constructed.  There are three different levels of units that will be available at different prices and income restrictions, which is described further in the webpage below.  

The Preference Point rank order list will be used first to sell the homes.  Once this Preference Point list is exhausted the sales team will move to the non Preference Point rank order list. 

Prior to the lottery all applicants were provided a Unique ID to protect personal information.  Each Unique ID was included in the Pre Lottery Preference Point list the number of times equal to the Preference Points the applicant is eligible for.  For example, if an applicant is eligible for three Preference Points, their Unique ID is included in the Pre Lottery Preference Point List three times.  The Pre Lottery Lists can be found at the links below, along with the total statistics of the applications received and number of entries total in the Pre Lottery Preference Point List.

Sea Haven Lottery Application Statistics
Sea Haven Pre Lottery Preference Point List
Sea Haven Pre Lottery Non Preference Point List

Sea Haven Lottery Results

Rank Order of Preference Point List
Rank Order of Non Preference Point List
Lottery Video

The lottery to establish the Rank Order for sales of Sea Haven BMR Homes was conducted on October 16, 2023. The lottery process can be viewed here.  

The next steps for all applicants is to find your position on the Rank Order Lists.  When your number is next on the list you will be contacted by a member of the sales team and the Preferred Lender to begin your prequalification and program certification process.  All applicants should be ready to engage with the team when contacted. 

Over the next 2-3 years applicants will need to make the City aware of contact information changes or if applicants no longer want to be on the list.  You can do that by emailing marina@cityofmarina.org.

Ongoing Sea Haven BMR Home Interest List

The steps to for Interested buyers to be included in the interest list are as follows:

  1. Review the Buyer Eligibility Requirements and the Income and Asset Limits below on this webpage. FAQs are also provided at the bottom of this page to assist with your questions. 
  2. Learn about the Geographic Preferences Criteria below on this webpage to understand if your household qualifies for Geographic Preference point(s).
  3. Interested purchasers that meet the program criteria, must submit their information directly at this website: https://livetru.trumarkhomes.com/cencal-larkspur-bmr/.  Following submittal of your interest you will receive a short survey you must complete accurately.  Note that inaccurate information is important.

Applicants that are on the interest list will be offered a unit for purchase on a first come first serve basis after the Lottery Rank Order Lists are exhausted.  Many people on the Lottery Rank Order Lists may not qualify or may not wish to purchase when homes are made available to them. Please submit your interest to be on the list to have your opportunity!

Register to be included on the Interest List.

About the Sea Have Homes

Interested purchasers can learn more about the Sea Haven Below Market Rate homes that will be available here.

Initial Prices for the Below Market Rate Homes have been set as described in the table below.. The income group that a household qualifies for is based on the household's income limit it falls under on the table below titled 2023 Income Limits for BMR Homeownership Program.   For example, to be income eligible for a moderate income unit, a household of 4 must have a combined annual income of less than $120,500.  All units sold in this program will have 45-year resale restriction in which units must be sold to buyers that meet the same income qualifications. 

Sea Haven Units will be available in the following income categories/models.  :

Moderate Income Townhome: for households whose combined income is less than 120% of the AMI.  These units will be 953-sf, 2 Bedrooms, 2-bathrooms, with a 1 car garage.   

Workforce Income Townhome: for households whose combined income is less than 135% of the AMI. These units will be 953-sf, 2 Bedrooms, 2-bathrooms, with a 1 car garage.   

Workforce Income Cottage: for households whose combined income is less than 150% of the Area Median Income.  The are two models for these units: 1,000-sf, 2-bedroom, 1-bathroom, 1-car garage; or 1,500-sf, 3-bedroom, 2-bathroom, 2-car garage.

Bridge Income Cottage: for households whose combined income is less than 200% of the Area Median Income.  The are two models for these units: 1,500 or 1,700-sf, 3-bedroom, 2.5-bathroom, 2-car garage; or 1,900-sf, 4-bedroom, 2.5-bathroom, 2-car garage.

Sea Haven Below Market Rate Units with Initial Pricing

QualificationHousing Unit Type
Price 
Income GroupDwelling TypePlan Number2-bedroom3-bedroom4-bedroom
120% AMI Moderate TownhomeN/A$380,000N/AN/A
135% AMIWorkforce TownhomeN/A$438,000N/AN/A
150% AMIWorkforce Cottage HomePlan 1 Avery
Plan 3 Asher
$507,000$553,000N/A
200% AMIBridge Cottage HomePlan 4 Delphi
Plan 5 Kendrick
N/A$644,000$687,000

Purchase a Home

Based on the rank order established by the lottery, applicants will be invited to enter the process outlined in the steps below to purchase.

  1. Applicants will be notified of their invitation to be preapproved to purchase home by the Sea Haven Preferred lender.
  2. Preapproved applicants will be referred to a third party provider to received City of Marina Below Market Rate Program certification for household eligibility, income, preference points, etc. and will receive buyers education regarding owning a deed restricted home. 
  3. Once an applicant is certified as meeting the program requirements, the applicant will obtain financing and the sales team will work with the applicant to purchase the home.
  4. Prior to the close of escrow the City will verify all deeds and agreements have been recorded. You can view the required Deed Restrictions here:
    Marina Sea Have Housing Resale Restriction Agreement
    Marina Sea Haven homebuyer Deed of Trust Equity Share Note
    Promissory Note --  Equity Sharing  
  5. New homeowner receives their keys!

Buyer Eligibility Criteria

Applicants must meet the following criteria to be eligible to purchase a BMR home, either individually as Primary Applicant or Co-Applicant(s), or collectively as a Household, as specified herein:

  1. Eligible Household - in order to be determined eligible for the BMR Program, the Applicant must demonstrate in its application that it is an Eligible Household and must verify the household composition and other eligibility requirements.
  2. Income Qualified Household  - applicants must meet the income limits in effect on the date of their Application for Home Purchase of a BMR home. Current maximum incomes for each income category by household size are described below.

Income & Asset Qualifications 

Applicants must meet the income limits in effect on the date of their Application for Home Purchase of a BMR home. Current maximum incomes for each income category by household size are described in the 2023 Income Limits for BMR Homeownership Program table below.

Definitions of what sources of income and assets are included in total Income and Assets can be found HEREIncome earned  from assets, such as dividends, interest, rental income, etc., is included in the household’s annual income.

Applicants will need to complete the City of Marina Form O-3 –Homeownership Program Application for Home Purchase and be ready to provide it to the People's Self Help Housing after the prequalification process is complete with the preferred lender and when instructed to do so. 

Income Limits

The income qualifications for the BMR Program are based on the following standards, which are set annually by the California Department of Housing and Community Development (Official State Income Limits for Monterey County).

Moderate Townhome Income (120%): a household whose combined income is less than 120% of the Area Median Income.
Workforce Townhome Income (135%): a household whose combined income is less than 135% of the Area Median Income.
Workforce Cottage Income (150%): a household whose combined income is less than 150% of the Area Median Income.
Bridge Cottage Income (200%) a household whose combined income is less than 200% of the Area Median Income.

Income limits that correspond with the above categories for 2023 are show in the table below:

2023 Income Limits for BMR Homeownership Program
Income GroupNumber of Persons in the Household

123456
Area Median Income$70,300$80,300$90,350$100,400$108,450$116,450
Moderate Townhome @ 120%$84,350$96,400$108,450$120,500$130,150$139,800
Workforce Townhome @ 135%$94,905$108,405$121,973$135,540$146,408$157,208
Workforce Cottage @150%$105,450$120,450$135,525$150,600$162,675$174,675
Bridge Cottage @ 200%$140,600$160,600$180,700$200,800$216,900$232,900

To determine if your household qualifies for a BMR homeownership opportunity, you will need to first determine the number of members there are in your household.  Then you add up the gross income for every member of the household, over the age of 18.  Finally based on the number in your household, use the table above to find the income group that your household falls below.  For example, a family of 4 with an annual gross income of $119,000 will qualify for under the Moderate Income group.  A family of 3 with an income of $181,000 does not qualify under any of the income groups as they make above the income limit for a family of 3 for the Bridge Income group.

Asset Limits

The Marina City Council established the BMR program with the goal of achieving a diverse mix of housing types to accommodate a broad range of lifestyles and income levels. BMR units shall be sold only to workforce, bridge, and moderate households. 

Definitions of what sources of income and assets are included in total Income and Assets can be found HERE.  Total household assets are compared to the asset limits using a six-month average of the Household’s total assets according to monthly statements and/or other valuations for each of the six months prior to application date. The six-month average is used to avoid Applicant “asset dumping” (asset liquidation or transfer to other parties) just prior to Program application, in order to meet the asset limits. Assets held in Pre-Tax IRS-recognized retirement accounts are not included for the purpose of determining whether an Applicant meets the Program asset limits.  Assets held in Post-Tax retirement accounts (i.e. ROTH IRAs) are included for the purpose of determining whether an Applicant meets the Program asset limits. 

 Assets are limited to a maximum value of:

  • $150,000 or 20% of the value of the home to be purchased, whichever is higher, for applicants 54 years and younger.
  • $175,000 or 20% of the value of the home to be purchased, whichever is higher for applicants over the age of 55.

Geographic Preference Points 

The Program provides a geographic preference (“Priority”) to purchase BMR homes to Applicants with the following Geographic Preferences, in order of Priority:

  1. People who work at least thirty-five (35) hours per week in a business or agency with a physical location within the City of Marina.
  2. Employees of the City of Marina including reserve police officers and volunteer firefighters who work at least thirty-five (35) hours per week.
  3. Public and private educational institution employees that work at least thirty-five (35) hour per week at an educational institution within the City of Marina.
  4. People who live in Marina.

One point will be assigned to a household based on each characteristic which will assist in determining the ranking of each applicant to the BMR Waiting List.  Households may qualify for points based on meeting more than one characteristic but may not obtain more than one point for each category for a particular characteristic regardless of the number of household members meeting the particular characteristic.  Under no circumstances will the City of Marina permit discrimination against any applicant or program participant based upon race, color, religion, creed, age, disability, sex, sexual orientation, marital status, source of income, ancestry, veterans status, or national origin.

Applicants who have been determined by Program staff to qualify for a Geographic Preference will receive First Priority to purchase available BMR homes. Applicant(s) must provide Valid Third-Party Documentation as described in application forms, in their Eligibility Applications to support their request for Priority status.  When there are more qualified applicants than homes available, a random drawing will determine the order in which applicants will be able to purchase a home.

Random Drawing Process

Whenever there is a Waiting List that exceeds the number of available BMR homes at any new development or for a particular home, the sales process shall include a random drawing.

Random Drawing Procedure

Drawings will be held at a location and at a date and time which has been publicly announced.  Applicants will be notified and are free to attend.  The drawing of applications, names or numbers will be conducted by a local elected official or their designee. The results of each of the random drawings become the rank order of applicants on the “Waiting List” for BMR sales.

  1. Random Drawing #1 – Applicants Qualifying for Geographic Priority Preference Points

Applicants that are verified to meet the homeownership program eligibility, prequalified for a loan and are verified to meet the criteria of one or more Geographic Preference Points.

    1. Applicants are given one point for each preference category(s) the household qualifies for. Households cannot receive more than one point for each preference category.
    2. Applicants receive one assigned Lottery number for every point they qualify for (i.e. 2 priority points = two Lottery numbers).
    3. On the day of the random drawing, Lottery numbers are pulled. As each number is pulled, City staff record the number and name(s) of the applicant associated with that number, in the order they are drawn to create the rank order. 
  1. Random Drawing #2 – Applicants with no No Geographic Priority Preference Points

Applicants that are verified to meet the homeownership program eligibility and have been prequalified for a loan.

    1. Each applicant is assigned a Lottery number.
    2. On the day of the random drawing, Lottery numbers are pulled.  As each number is pulled, City staff record the number and name(s) of the applicant associated with that number, in the order they are drawn to create the rank order.


FREQUENTLY ASKED QUESTIONS FOR SEA HAVEN BMR HOMES

Questions Regarding the City of Marina Below Market Rate Program

How do I get on the priority list? 
How will I know I am on the list and will be included in the lottery?
  You will be sent a survey once you register; your answers to the survey will determine your priority in the lottery. 
May I register multiple times, or may each person in my household register separately to give us a greater chance of being ranker higher in the lottery? 
  Your household will only be counted once.
When will the interest list close and when will the lottery occur?
  The last day to register your interest to be included in the lottery will be October 8th. 
Is there any limit to get gift funds a borrower may receive from a family member to use toward the purchase? 
  No, however, the maximum downpayment is 20% of the home purchase price. 
What if a single person household wishes to purchase a 3 bedroom home…will that be allowed? 
  Your household size must be the number of bedrooms minus 1, i.e. if a home is 3 bedrooms, you must be a 2  person household to qualify to purchase it.
Can I pay cash and not obtain a loan at all? 
  No, the maximum downpayment for the home is 20% of the purchase price.
Is there a maximum amount of assets my household can have? 
  Yes, see Assets section above on this webpage.
Can I purchase the home for my child
  No you cannot.  The household that occupies the home must be the buyer and qualify on their own merit.
How long must I live in the home before the deed restriction is abandoned?
  45 years
You can view the required Deed Restrictions here:
Can I sell the home to anyone I want? 
  No, the City has first right of refusal and the City must be contacted first, if you wish to sell your home.  If City does not wish to purchase the home, it can only be sold to a household with the same income restriction in which it was purchased during the first 45-years. 
Can I rent the home or rooms in it? 
  No, you may not.  It must remain owner occupied.
Will the City require that my income remain below the threshold I qualify for today?  In other words, if I am a moderate income household, must I remain a moderate income household to stay in the home? 
  No, the City will only certify your income at purchase, and will not require annual or ongoing certification of income.  The City will require annual certification that the home is owner occupied, however. 
 

Questions for the Lender

Do I need to be preapproved before the lottery occurs? 
  No you do not.
Can I be approved by any lender? 
  You must first be preapproved by the Preferred Lender, Donna Lewis & Team at Guaranteed Rate.
Do I have to work with the Preferred Lender? 
  You must be preapproved by the Preferred Lender, and there is an incentive being offer by the builder if you choose to work with the Preferred Lender, however you are not required to work with the Preferred Lender.
What type of financing does the preferred lender offer? 
  Guaranteed Rate is the 2nd largest lender in the nation and offers a variety of loan options including Conforming FNMA/Freddie Mac loans with as little as 3% down, FHA, VA, CalHFA, GSHFA, a variety of Non-conforming loan products, as well as incentives for Veterans & IAFF Local Union members.
Is there any down payment assistance available from the City or County? 
  No
Does the Lender offer any down payment assistance ?
  Guaranteed Rate offers down payment assistance of 2% or $2k whichever is greater, to households that are 80% of Area Median Income.  The lender will also work with households to determine if they are eligible for down payment assistance from any other sources.
Can I have a non-occupying co-borrower help me qualify to purchase the home (parent, family member, etc.)? 
  No you may not in this case.  The household members that will occupy will be the household members whose income will be used to qualify both to meet the City’s income limits and to qualify for loan eligibility.  A parent or family member may not be a co-borrower in this case.