Acronym
BMR
Also known as: Below Market Rate Housing Program
Below Market Rate — housing units sold or rented at below-market prices to income-qualified households.
Menlo Park's BMR program requires market-rate developers to either include affordable units in their projects or pay an in-lieu fee. The City uses BMR fees and grants to support affordable housing developments.
In Menlo Park
$1M loan from BMR Housing Fund supports 88-unit 100% affordable project at 320 Sheridan Dr.