Condo Conversion Below Market Rate Program
The Condo Conversion Below Market Rate Program helps low- to moderate-income homebuyers purchase their first home in San Francisco. Units in the program are sold below market rate in market-rate buildings.
Between 1979 and 1988, building owners who converted their properties from apartments to condominiums were required by the City to set aside certain condominiums as below market rate (BMR) units.
Condo Conversion homes are listed along with Limited Equity Program and Inclusionary Below Market Rate (BMR) homes.
What the Condo Conversion BMR Program means for…
- Low- to moderate-income buyers apply for listings and go through a lottery process.
- Units under this program shall be governed by the Inclusionary Affordable Housing Procedures Manual in effect at the time of purchase.
- Buyers must use their new home as their primary residence. They cannot rent out any portion of their home on platforms like Airbnb.
Partners (lenders and realtors)
- Lenders and realtors must be familiar with relevant portions of the Condo Conversion BMR Program.
- Lenders and housing counselors must be trained by MOHCD.
- Lenders must go to training annually and pay a fee.
Existing Condo Conversion owners
All Condo Conversion owners must comply with MOHCD's resale procedures, and other restrictions under the Inclusionary Housing Program when selling their home.
Some owners who bought their Condo Conversion home before 2009 have additional options. See information about pre-2009 Condo Conversion owner categories »