Larkspur 1 BR “Senior” BMR Condo $235,000

Posted on November 9, 2017


Below Market Rate condo at the Rose Lane Terrace in Larkspur

Lottery Drawing: November 27, 2017

This lovely Below Market Rate condo at the Rose Lane Terraces has 1 bedroom, 1.5 baths, balcony, 1-car garage, and additional community amenities. Conveniently located walking distance to charming downtown Larkspur! This 772 sf condo is available to low and moderate income applicants, 55 years of age or over, with income up to 120% of Area Median Income (see income chart below). HOA dues are approximately $560/mo.

Marin Housing’s Below Market Rate Homeownership Program offers low to moderate income, first-time homebuyers the opportunity to purchase one of the 350 BMR properties throughout Marin County at prices that are substantially lower than market value. Resale Restrictions are recorded on title with these properties to ensure their continued affordability and stipulate the requirements of BMR ownership.

When one of these “Senior” units at the Terraces of Rose Lane becomes available for sale, a lottery is held and names are drawn from a list of qualifying prospective buyers, 55 or over, who have applied to the BMR Program. The application may be downloaded from our website at www.marinhousing.org under the Homeownership Programs link.

There are also specific eligibility requirements related to first-time homebuyer status, household size, maximum household income (as shown in the table below), and the ability to secure financing.

2017 Household Income Limits at 120% HUD Area Median Income

1-person household$96,850
2-person household$110,700
3-person household$124,500

              DEADLINE TO RECEIVE APPLICATIONS IS 10 a.m. 11/27/2017!- CORRECTION

For more info, call 415-491-2550. Send or bring your completed application with a check for $25.00 to:

Marin Housing, BMR Program, 4020 Civic Center Drive, San Rafael, CA 94903

2017 Household Income Limits at 120% HUD Area Median Income

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