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Tri-Valley Below-Market-Rate Homes: How City Programs Work

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Tri-Valley Below-Market-Rate Homes: How City Programs Work

A below-market-rate (BMR) home is sold at a city-set price to a buyer within the program’s income limits, with resale restrictions recorded on the property to keep it affordable. In Livermore, a 3-bedroom BMR home for a 4-person household tops out at $511,614 at median income in 2026, according to the City of Livermore. Each Tri-Valley city sets its own rules and handles openings its own way. Rules checked against each city’s housing pages and California’s 2026 state income limits on October 8, 2026.

Key Takeaways
– A BMR home sells at a capped price to an income-qualified buyer, with recorded rules on resale and occupancy.
– Restrictions last 55 years in Livermore, usually 55 in Dublin, 20 in Danville and in perpetuity in Pleasanton. San Ramon sets the term in each home’s recorded agreement.
– Livermore still uses 2025 state income limits, while Pleasanton and Dublin use 2026 tables.
– Each city handles openings its own way, from interest lists and lotteries to development sales offices.

What is a below-market-rate home?

It’s a home sold below market price under a city program, with recorded rules that keep it affordable. The City of Livermore describes a BMR as a home with “certain resale restrictions and a second mortgage deed of trust from the City recorded on the property.”

Livermore, Dublin, San Ramon and Danville run their programs under inclusionary housing ordinances, and Pleasanton has worked with local developers since 1992. Homes come from new developments and from resales by current owners, as Livermore’s program brochure puts it.

In return, owners agree to live in the home and resell at a capped price. Our first-time home buyer guide to the Tri-Valley and how much house you can afford cover the basics that still apply.

How do the Tri-Valley BMR programs compare?

Livermore, Pleasanton and Dublin all require first-time buyers, meaning no ownership in the past three years, but credit, debt and asset limits differ.

Rule Livermore Pleasanton Dublin
Minimum credit score 660 660 620
Debt-to-income cap 40%, up to 45% 40%, up to 43% 45%
Asset cap Cash up to 25% of price Greater of $65,000 or 20% of price $250,000 total
Minimum down payment 3% 3% from own funds 3% (20% maximum)
Moderate-income cap, 4 people $191,750 $195,350 $195,350
Restriction term 55 years Perpetuity Usually 55 years

The higher debt caps are discretionary and need a down payment and credit score above the minimum. Each city’s own income table governs inside that city: Livermore still uses the state’s 2025 limits, while Pleasanton and Dublin use 2026 tables.

How does Livermore’s BMR program work?

Livermore’s Affordable Homeownership Program, also called the Below Market Rate Program, helps low- and moderate-income households buy homes below market price. As of October 8, 2026, the City of Livermore’s program page said, “There are no properties for re-sale as of now.”

The same page named three new developments with upcoming affordable units: Arroyo Crossings by TruMark Homes, Cava by DeNova Homes and Serenity Homes by Shea. Buyers can submit a pre-application or join the Affordable Housing Interest List.

The City Council adopted the 2026 prices on November 24, 2025, assuming a 6.00% interest rate, a 30-year mortgage and housing payments within 30% of monthly income (City of Livermore). For a 3-bedroom home and a 4-person household:

Income level Maximum income Maximum price
Low (80% of median) $125,050 $383,253
Median (100%) $159,800 $511,614
Moderate (120%) $191,750 $626,182

Livermore’s program guidelines rank pre-applicants by preference points, then by public lottery within each priority group. LVJUSD credentialed teachers, City of Livermore police and Livermore-Pleasanton Fire emergency responders, Livermore residents of six months or more and full-time Livermore workers earn 2 points each. Tenants of rent-restricted Livermore units and U.S. military veterans earn 1.

Buyers sign a Resale Restriction Agreement lasting 55 years. Owners must live in the home at least 10 months a year and can’t rent it out. Refinancing is limited to lowering the rate or payment, and renovations generally won’t raise the maximum resale value.

Buyers need at least 3% down, seasoned three months, plus closing costs the City says typically add 3-5%, and a HUD-certified 8-hour homebuyer class. Livermore’s 2026 fee schedule sets a $131 application fee, a $4,824 resale fee paid by the seller and a $701 refinance fee.

Livermore lets buyers use its down payment assistance loans on a BMR home, and our California down payment assistance guide covers down payment help more broadly. For the city itself, see our Livermore community page.

How does Pleasanton’s PHAP work?

Pleasanton’s Home Ownership Assistance Program (PHAP), introduced in 1992, covers below-market homes generally limited to owner-occupant first-time buyers. The City of Pleasanton says over 120 have been built with local developers. As of October 8, 2026, its page listed no PHAP home for sale and asked buyers to contact the Bay Area Affordable Homeownership Alliance (BAAHA) about future application processes.

Pleasanton’s 2026 income table, revised July 9, 2026, caps a 4-person household at $135,750 for low income and $195,350 for moderate. The PHAP guidelines add no bankruptcy in three years, no outstanding judgments or collections, and gifts of no more than 15% of the price plus closing costs.

Applicants are ranked by preference points, from 20 for a household member who has lived and worked in Pleasanton two years or more down to 10 for all other households. Ties, which the City calls likely, go to a lottery.

The restrictive covenants, note and deed of trust remain in perpetuity. Owners live in the home at least 10 months a year, can’t sublease, and generally can refinance only for a lower rate or better terms. The maximum resale price follows HUD’s annual area median income changes, plus an allowance for closing and marketing costs.

Buyers may apply separately for the City’s Down Payment Assistance Loan (DALP) program. For more on the city itself, see our Pleasanton community page.

How do you buy a BMR home in Dublin?

Find a listing on the City of Dublin’s Homeownership Opportunities page, then email a City Prequalification Application and a lender preapproval to HousingInfo@dublin.ca.gov by its due date. Dublin invites the applicant with the most Dublin preference points to apply, using a random drawing if no one has points or there’s a tie. Dublin residents and Dublin workers each earn 3 points (City of Dublin).

On October 8, 2026, the page listed four BMR homes from $399,000 to $661,257, three with October deadlines. It also listed Francis Ranch, with 18 moderate-income BMR homes available between 2025 and 2027, priced at $575,615 for three-bedroom duets and $627,815 for four-bedroom townhomes. Listings change, so check the page or join Dublin’s Notify Me housing list.

The City’s BMR buying guide adds an 8-hour homebuyer education certificate dated within a year of applying, a move-in within 60 days of closing, and no rental without Housing Division approval. All-cash purchases aren’t allowed. On a resale, the seller pays both agents’ commissions (up to 3% each) and the City’s $4,151 administrative fee.

Restrictions usually last 55 years, and for units built or created after June 2024, the term restarts with each sale, under the City’s inclusionary guidelines. The resale price is the lower of the original price indexed to area median income growth or the appraised value, plus approved improvements and minus repairs. Owners may sell only to a qualified household or the City, which holds a right of first refusal.

Lenders on Dublin’s BMR lender list can lend alongside the City’s First Time Homebuyer Loan Program (FTHLP). The city is profiled on our Dublin community page.

How does San Ramon’s BMR program work?

The City of San Ramon announces BMR ownership opportunities on its BMR Home Ownership Program page, and Iron Horse Village homes by Lennar are released by lottery through HouseKeys, the administrator the City named. Drawing No. 783, with an October 6, 2026 deadline, offered two low-income 2-bedroom, 2.5-bath homes on Bolster Loop at $241,407 each.

The HouseKeys drawing notice barred all-cash purchases, used the state’s Contra Costa County income limits and required no home ownership in the prior three years, with narrow exceptions. Under California HCD’s 2026 limits, a 4-person low-income household in Contra Costa County can earn up to $135,750.

Entry takes one household account at myhousekeys.com, completed member, income and asset profiles, and a HouseKeys orientation. San Ramon’s BMR application guide requires a first-time homebuyer workshop before going into contract, owner occupancy for the life of the deed restrictions with no leases or room rentals, and a City option to purchase when an owner gives notice of intent to sell.

Check the restriction term home by home. San Ramon’s amended Inclusionary Housing Ordinance (No. 520), adopted October 24, 2023, raised the affordability term from 30 to 55 years. Drawing 783’s notice, though, lists “Restriction Term: 30.” The term is set in each home’s recorded agreement, so confirm it for the specific home. The City also states it is not offering any down payment assistance. Our San Ramon community page covers the city beyond its housing programs.

How do you find a BMR home in Danville?

Through a real estate agent or a development’s sales office. The Town of Danville says it doesn’t provide brokerage services on BMR units, so buyers have an agent search current deed-restricted units or contact the developments’ sales offices. For upcoming developments with BMR units, the Town points to its Danville Town Talks page.

Danville’s program covers moderate, median and low income households, and its units stay deed restricted for 20 years. Its Municipal Code gives eligible Danville residents first preference, Danville employees second and all other eligible households third, and bars renting a for-sale BMR unit without Town authorization. The code measures income against Contra Costa County’s area median income, which HCD’s 2026 limits put at $162,800 for a family of four. Our Danville community page covers the town.

First-time homebuyer assistance, including down payment assistance and California buyer programs, is one of the team’s focus areas. The Mony Nop Real Estate Team, Compass, 925.575.1602, works across Livermore, Pleasanton, Dublin, San Ramon and Danville, with 400+ clients served. If you’re weighing a below-market-rate home in one of these cities, get in touch with our team.

Frequently Asked Questions

Do I have to be a first-time buyer?

In Livermore, Pleasanton and Dublin, yes: no one in the household can have held an ownership interest in a home or real property in the past three years. San Ramon’s Iron Horse Village drawing used the same three-year test, with narrow exceptions. In Danville, ask the development’s sales office.

Can I sell a BMR home at market price?

Not while the restrictions last. Pleasanton ties the maximum resale price to HUD’s yearly area median income changes, and its restrictions remain in perpetuity. Dublin uses the lower of an income-indexed price or the appraised value. In Livermore, renovations generally don’t raise the maximum resale value.

How do I hear about new BMR openings?

Follow each city separately. Livermore keeps an Affordable Housing Interest List, Pleasanton refers buyers to BAAHA, and Dublin offers a Notify Me housing list. San Ramon posts opportunities on its BMR program page, and Danville points buyers to agents, development sales offices and its Danville Town Talks page.

About the author

Mony Nop has held a California real estate license since 2007 (DRE# 01813021) and spent 17 years with the Livermore Police Department. The two careers overlapped: he started in real estate part time while still an officer, then moved to real estate full time. He leads the Mony Nop Real Estate Team at Compass.

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