Below-Market Rental Housing Opportunities
City Below-Market Rental (BMR) Program
The City encourages the construction of affordable rental housing by allowing special consideration for projects that provide rental apartment units at below-market rent levels. Nearly 1,000 below-market rental (BMR) apartment units have been built in Pleasanton since the mid-1980's, including most recently a 100-unit complex opened by Greenbriar Homes in 2002 that includes 31 BMR units ("The Kensington"). A new 350-unit project called "Stoneridge Station" by Windstar Communities was approved in 2008 for a site adjacent to the future BART station near Stoneridge Mall. The complex will include 70 apartments for very low income households, and construction is expected to begin soon.
Where are City BMR apartment units located?
The rental apartment developments with BMR units are located throughout Pleasanton. The location and other details about each complex are listed in the table at the end of this section.
What rents are charged for BMR apartment units?
Rents for BMR units are based on a percentage of the Area Median Income (AMI) for the Alameda – Contra Costa County area as determined annually by the federal government. The maximum BMR rents for most participating properties are based on 80% of the AMI, although several properties offer lower rents based on 60% and 50% of the AMI. The current maximum income levels and corresponding maximum rents can be found here (these figures are updated annually generally in February or March of each year). It should be noted that BMR rents are not based on each individual household’s income but rather on the applicable percentage of the AMI. In addition, the actual rents charged under the BMR program may be less than the maximum amounts shown in the table. As shown in the most recent survey of rents and vacancy rates in Pleasanton apartments, rents charged for BMR apartment units typically average twenty to thirty percent less than market rents in the same complex (in complexes that offer BMR units) although the degree of difference varies over time depending upon the state of market rents.
Do I qualify?
In order to qualify to rent a BMR apartment, your income must generally not exceed 80% of the local median income level (as discussed above, several complexes also have apartments for households at 50% and 60% of median income). The current maximum annual incomes (by household size) and corresponding maximum rents (by unit size) can be found here. As discussed earlier, the maximum income and rent levels are adjusted annually based on new information from the federal government.
Whom should I call?
Telephone numbers for apartment complexes with BMR apartment units are listed in the table at the end of this document. Leasing is handled directly by the property manager for each apartment complex. For additional information on the BMR program and participating apartment complexes, you may also contact the City of Pleasanton Housing Division, 200 Old Bernal Avenue, Pleasanton, CA 94566 (925-931-5007; email: firstname.lastname@example.org).
The City has also been involved in the construction of over 500 rental apartments that are reserved for low and very low income seniors (aged 62 and older). Kottinger Place and Ridge View Commons are administered by the City. Deer Ridge Apartments (443 Division Street), Stanley Junction (4031 Stanley Boulevard), and the Gardens at Ironwood (3431 Cornerstone Court) are privately owned, but the rents and qualifying income levels are regulated through agreements between the City and the owners. Pleasanton Gardens senior apartments offers affordable rental units through a federal subsidy program. Leasing for all of these complexes is handled directly by each property manager, and telephone numbers are listed in the table shown below.
The Parkview assisted living facility opened in 2007. The facility offers housing with a range of services for individuals who need assistance with “activities of daily living.” The project is the result of a collaboration involving the City of Pleasanton, BRIDGE Housing Corporation (a nonprofit affordable housing developer), and Eskaton (an assisted living service provider). A total of 31 of the 105 units in the complex have reduced rates targeted to very low income (50% or less of the Area Median Income, or AMI) and extremely low income (25% or less of AMI) senior citizens. The remaining 74 units are available at market rates. Leasing for the Parkview is handled directly on site (925-461-3042; www.eskaton.org/parkview.html).
A favorable combination of nice apartment units and relatively affordable rents may also be found in some of the older parts of Pleasanton, such as the Downtown area and along Vineyard Avenue. Available rentals in these and other areas can often be located through the newspaper or by contacting a residential real estate professional. The Housing Authority of the County of Alameda (HACA) can also provide information on housing opportunities involving federal and/or state assistance in Pleasanton and elsewhere in Alameda County. HACA’s office is located at 22941 Atherton Street in Hayward (tel. 510-538-8876; www.haca.net.)