Preserving Affordable Housing For Future Generations

Hello Housing, an affiliate of MidPen Housing Corporation, helps local government make and maintain responsible investments in Below Market Rate (BMR) housing. Established in 2012, Hello Stewardship manages nearly 1,000 homes with long-term affordability restrictions throughout the Bay Area.

Creating a Win-Win

When designed and managed well, Below Market Rate homeownership programs create real opportunities for low and moderate-income families to change their lives for the better. At the same time, the cities who invest in affordable homeownership are demonstrating their commitment to retaining their working-class citizens, a key ingredient to a healthy, vibrant community. Hello Stewardship helps homebuyers and cities alike make the most out of these life-changing opportunities.

Meadow Park, BMR homeownership in Novato.

Meadow Park, BMR homeownership in Novato.

Paying it Forward

While Below Market Rate homeownership programs may vary in structure, they have a few characteristics in common: an emphasis on owner occupancy, long-term or perpetual affordability and investment retention. The goal is to offer this BMR opportunity over and over to low-to-moderate income households over a long period of time. This stems the tide of gentrification and amplifies the impact of the initial public (or private) investment in creating the affordable home to begin with. At the same time, homebuyers are able to amass equity in their home through their ongoing mortgage payments, and can generally enjoy a modest, formula-based profit when selling to another income-eligible family.

Harnessing the Market

In a growing number of Bay Area cities, market-rate developers are required to sell a percentage of their newly-constructed homes at prices affordable to very low, low and moderate income households. Hello Housing helps connect aspiring homeowners to these exciting opportunities. Hello Stewardship staff holds the hands of buyers as well as the developers who must sell their homes in accordance with BMR program requirements. Hello Stewardship has developed an efficient process for identifying a pool of buyers who meet the income restrictions and can qualify for a mortgage.