An Affordable Pathway to Home Ownership: Below Market Rate Housing

We live in one of the most expensive parts of the country, and especially since 2020, we've seen housing prices nearly double while income levels have hardly budged. It's been great for home owners—by the stroke of luck of existing and buying at the right time (i.e., years ago), they have so much equity in their homes. But for the rest of the community, especially first-time home buyers, they have been completely priced out of the market. The American Dream of home ownership has dwindled across the United States, and especially around the Monterey Peninsula where inventory is stagnant and housing demand remains incredibly high. This means that healthcare professionals, hospitality and retail workers, barbers/stylists, education professionals, trade workers, nonprofit professionals—basically the heartbeat of our local economy, are being pushed out of the very place they serve. When the people who make a community function can no longer afford to live in it, everyone suffers.

So what's being done about this?

Honestly, not enough. But there is a silver lining, and it's worth knowing about: Below Market Rate (BMR) housing.

On the former Fort Ord military base in Marina, new housing developments have been built that require developers to also build a certain percentage of affordable housing—which means brand-new homes at prices designed to be accessible to low- and middle-income earners. This is beginning to happen in other pockets of the County, managed by individual cities, but nothing has come to fruition or as large-scale yet as the developments in Marina. (I'll keep you posted as other opportunities pop up!)

Who qualifies?

The City of Marina manages the Below Market Rate (BMR) program for the new housing developments in Marina. They set income limits and asset limitations to ensure that the homes go to those who qualify. I've copied the chart below from the City of Marina's website. Please check their website here for the most updated, accurate information, as the chart below will eventually be outdated.

Monterey County 2025-2026 Household Income Limits
(Last updated May 30, 2025)
	Number of persons in household
% AMI	1	2	3	4	5	6	7	8
100%	$73,150	$83,600	$94,050	$104,500	$112,850	$121,200	$129,600	$137,950
120%	$87,780	$100,320	$112,860	$125,400	$135,420	$145,440	$155,520	$165,540
135%	$98,753	$112,860	$126,968	$141,075	$152,348	$163,620	$174,960	$186,233
150%	$109,725	$125,400	$141,075	$156,750	$169,275	$181,800	$194,400	$206,925
200%	$146,300	$167,200	$188,100	$209,000	$225,700	$242,400	$259,200	$275,900
Sources: California Department of Housing and Community Development and Keyser Marston Associates, Inc.

What's available at Sea Haven?

Sea Haven offers two types of BMR homes:

1. Three-bedroom single-family homes in two models: 1,509 sq ft and 1,768 sq ft—perfect for families and those looking for space and a yard.

2. Two-bedroom condo townhomes at 957 sq ft—a great entry point for individuals or couples.

Check out their online brochure here for additional information and home floor plans. Residents also get full access to Sea Haven's multiple parks, the Cove Clubhouse, and miles of walking and biking trails, all within a short distance to Marina's growing city center, with more amenities arriving every year.

Photo of the Larkspur single-family homes in Sea Haven, Marina, CA.

How to Apply: Step by Step

1. Contact me to help! I believe everyone deserves a pathway to home ownership, and I'm happy to represent you and help you navigate the process so you don't have to go at it alone.

2. Review the City of Marina's BMR website to ensure you meet their income and asset limitations criteria.

3. Complete the application from the City of Marina, found on their website here.

4. Contact Trumark Sea Haven homes by completing their interest form here.

5. If approved, you'll then need to get a pre-approval letter from their preferred lender. They'll share the lender's information, and typically, you can be pre-approved within a few days.

6. Once you are pre-approved, we can tour the Sea Haven home options available to you!

7. If all goes well, you put down a deposit to reserve your home. Some homes may be available within a couple of months, some may be several months because they're finishing being built. When it's done, you'll go through a more thorough BMR review process again to confirm your eligibility.

8. Once that review is complete, we'll open escrow—a period where we'll review and sign all documents, transfer title, funds, and ownership into your name.

9. After escrow closes, you move in!