CITY OF SAN MATEO
First Time Home Buyer Program
Answers to
FREQUENTLY ASKED QUESTIONS
 WHO QUALIFIES FOR THIS PROGRAM?
Any first time home buyer may apply for this program. A first time home buyer is defined as follows:
1. Anyone not owning a primary residence for the last 3 years.
2. Any single parent with custody of at least one minor child.
It is not necessary that the applicant lives or works in the City of San Mateo, however those who live or
work in the City will receive priority over those who do not.
Buyers’ total gross household income, at the time of close of escrow, may not exceed 120% of the median
income for San Mateo County. The current income limits are as follows:
2016 Maximum Allowable Gross Household Incomes
# of people in household
Annual Income
Monthly Income
$ 90,500
$103,400
$116,350
$129,250
$139,600
$149,950
$7,542
$8,617
$9,696
$10,771
$11,633
$12,496
1 person
2 people
3 people
4 people
5 people
6 people
In addition, the following restrictions apply:
 Liquid assets (cash, stocks, bonds, CD’s, etc.) cannot exceed 50% of the open market value.
 Cash down payment from ALL sources cannot exceed 50% of the Restricted Sales Price.
 Buyers must live in the unit as their primary residence.
 Senior Citizen Units Only: Buyers don’t need to be a first time home buyer; however, first time
home buyers will receive priority. At least one member of the household must be at least 62 years
old. Liquid assets for seniors cannot exceed 100% of the open market value.
 WHAT IS THE FIRST TIME HOME BUYER PROGRAM?
The program is divided into two different categories as described below:
CATEGORY I
The City of San Mateo has developed an affordable housing program to assist first time home buyers with
the purchase of a home. The program consists of condominiums and townhouses that may be sold at
below market prices and that offer deferred second loans with below market interest rates and payment
deferrals. The program is designed to help buyers that may not otherwise be able to afford to purchase on
their own and to lower the costs of buying a first home. The City sponsored the development of two
condominium complexes in 1988-1989 (Gateway Commons and Meadow Court) and 8 townhomes in 1999
(Humboldt Square) that allow first time buyers to purchase with the above benefits. This program is ongoing and units will be offered to qualified candidates on our waiting list as they become available for
resale.

Where are the complexes located? The locations of these properties are described below:

MEADOW COURT - Pacific Blvd. And Laurie Meadows Drive
There are 78 units consisting of Senior Citizen flats; 38-2bedroom/1 bathroom; and, 24-3
bedroom/2 bathroom townhomes. There are a variety of floor plans with individual 1-car garages,
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large decks or small yards. The complex also has a large recreational turf square, a picnic area with
benches and barbecue, central formal garden with fountain and a tot lot with play equipment for
children.


GATEWAY COMMONS - 3rd Avenue and South Fremont Street
There are 96 units consisting of 24 -1 bedroom flats; 24 -1 bedroom + loft townhomes; 30 2 bedroom
flats; 12-2 bedroom townhomes; and, 6-3-bedroom/2 bathroom flats. There are a variety of
floorplans with wood burning fireplaces and a deck or patio. The complex has lush landscaping, is
centrally located to Highway 101 and is adjacent to a creekside City park.

HUMBOLDT SQUARE – 4th Avenue and Humboldt Street
Although the complex features 26 townhomes, 8 are available for first time home buyers on the
waiting list for this program. The complex features a children’s recreation area, a picnic area and
lush landscaping. There are 2 -3 bedroom/3bathroom townhouses with attached 2 car garages and
approximately 1500 sq. ft. of living space. There are 6-3 bedroom/2 bathroom townhouses with 1
car attached garages, small rear yards and approximately 1086 sq. ft. of living space.
What assistance is offered? The City offers deferred loan amounts based on the price for the
properties at Gateway Commons, Meadow Court and Humboldt Square. No payment is due on the
loan until the owner decides to sell the unit.
If the unit is sold to another qualified first time homebuyer, through the City’s program, all the
interest is waived and the loan is offered to the new buyer. In order to keep the price of these
properties affordable to first time home buyers, there are restrictions on the sales price of each unit.
The City of San Mateo has the first right to purchase the unit (“first right of refusal”) or assign its
right to purchase to a qualified buyer when a current owner decides to sell. The sales price will be
determined at that time based on the current owner’s original purchase price and the percentage
increase of the median income for San Mateo County since their purchase.
CATEGORY II
The City of San Mateo has created additional affordable housing through a special ordinance that requires
the developer of any new residential properties to set aside a number of units for first time home buyers at
below market rate prices (“BMR”). Once the units are complete, they are offered to qualified candidates
on the waiting list; after the initial sale of these units, they will always remain BMR units and will be
offered to qualified applicants on our waiting list as they become available for resale.

Where are these properties located? Some locations of BMR units are described below:

CORTE BELLA – 20th Avenue and O’Farrell Street
There are 12 -2 bedroom/1 bathroom condominiums with small balconies, secured underground
parking and approximately 810 sq. ft. of living space. The complex features a pool, spa,
recreational room, and exercise room.

ST. MATTHEWS PLACE – St. Matthews Avenue and North San Mateo Drive
There are 2 -2bedroom/1 bathroom condominiums with approximately 850 sq. ft. of living space;
there are 2 -2 bedroom/1 bathroom condominiums with approximately 1000 sq. ft. of living space;
and, 1 three-bedroom/two bathroom condominium with approximately 1300 sq. ft. of living
space. The complex features underground secured parking, balconies off the living room of each
unit and a rose garden in the common area.

RUSHMORE – Poplar and El Camino
There is 1- 3 bedroom/2 1/2 bathroom townhouse with underground secured parking, a small
patio area and approximately 1300 sq. ft. of living space. The complex is minutes away from
downtown Burlingame and San Mateo and has easy access to shopping, public transportation and
Highway 101.
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
MARBLE BAY AND CEDAR BAY – Bay Meadows
There are 3 -3 bedroom /2 1/2 bathroom homes with attached 2 car garages; 3 -4 bedroom/2 1/2
bathroom homes with attached 2 car garages; and, 9-2 bedroom/2 1/2 bathroom townhouses with
attached tandem style 2 car garages. The neighborhood is centrally located to Highways 101 and
92 and within walking distance to Cal Train. The community is within walking distance of a retail
and commercial plaza.

NORFOLK GARDEN PLAZA – Norfolk Street and Fourth Avenue
There are 2 -1 bedroom/1 bathroom condominiums with approximately 730 sq. ft. of living space
and there are 5 -2 bedroom/2 bathroom condominiums with approximately 913 sq. ft. of living
space. The complex features underground secured parking, balconies off the living room of each
unit and a large landscaped common area courtyard.
CLASSIC COMMUNITIES – Creekside Lane, off of South Humboldt Street
There are 2 -3 bedroom / 2 bathroom and 1 -2 bedroom / 1 bathroom townhouses with
approximately 1300-1550 sq. ft. of living space. The complex features attached tandem style 2 car
garage.

THE LOFTS AT BAY MEADOWS- 1000 Park Place in the Whole Foods Center
There are 2 units with a master bedroom and an additional room that can be converted into a
bedroom, home office, dining room, etc. One floor loft styling with wood flooring, carpeting, and
tile in kitchen. Units are located above retail space.

STONEGATE CONDOMINIUMS-Madison St and Hobart Avenue
There is 1 -3 bedroom unit, 1-1 bedroom unit and 7-2 bedroom units located at this new
condominium complex. Underground parking garage with assigned spaces.

PARK BAYSHORE TOWNHOUSES-located on So Bayshore Blvd
There are 2-2 bedroom units with 2 ½ baths, 2 car tandem garage with extra storage and laundry
facilities in the garage, approximately 1270 sq. ft.

BAYWOOD CONDOMINIUMS-located on W Third Ave
There are 2-2 bedroom units with 2 baths, 2 assigned parking spaces in the underground garage
with extra storage next to the garage, approximately 913 sq. ft.

GRANT STREET CONDOMINIUMS – 318 So. Grant Street
There is a 1 -2 bedroom unit and 1 -1 bedroom unit with 1140 and 1760 sq.ft. of living space,
respectively.
VERONA RIDGE – Madrone Court
There are 3-4 bedroom, 3 bath single family residences, approximately 2600 sq.ft.
CLAREMONT TOWNHOMES- 21 So Claremont Street
There are 2 units; one studio and one two bedroom unit.



ARBOR ROSE- 1033 S Idaho Street

There are 7 units, 6- 2 bedroom and 1- 1 bedroom.
BAY MEADOWS – So Delaware Street

14 architects, 5 stations, 4 parks and wide variety of homes, available in one unique community.
TIDELANDS – 400 Mariners Blvd
There are 8 affordable 1, 2, and 3 bedroom units, 784-1207 sq. ft.
 CAN THIS PROGRAM BE USED WITH THE MORTGAGE CREDIT CERTIFICATE (MCC)?
Most first time home buyers will qualify for the MCC program. This is a credit offered on your IRS tax
returns and administered by the County of San Mateo. This program offers a tax credit of 15% of your
annual mortgage interest.
 HOW MUCH ARE THE HOMEOWNERS’ DUES AND TAXES?
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The homeowners’ dues range between $200 per month and approximately $500 per month. The price
depends on the location and size of unit. The dues at The Lofts at Bay Meadows are approximately $700
per month.
A special agreement has been made between the City of San Mateo and the County of San Mateo with
regard to the assessment of property taxes. Generally, property taxes are approximately 1.1% of the
purchase price. In the case of the units sold at Gateway Commons and Meadow Court through the City’s
First Time Home Buyer Program, the assessment is based on the purchase price less the City’s 2nd loan.
 HOW MUCH INCOME DO I NEED?
This varies by unit size and location, the amount of funds the buyer has for a down payment, and the
amount of household consumer debt. Generally, a minimum annual income of $50,000 is needed.
 HOW MUCH MONEY DO I HAVE TO COME UP WITH TO PURCHASE A UNIT?
The programs available are continually changing. Most lenders will require a down payment of at least
10% of the purchase price and an additional 3% of the purchase price for closing costs. The actual down
payment requirement and closing costs required could only be quoted by the lender at the time you apply
for your loan.
 HOW DO I FIND A LENDER FOR MY FIRST MORTGAGE?
The City has identified a number of lenders that have agreed to participate in this program and are willing
to offer special loan terms to participants. Buyers will be given a list of these participating lenders. Buyers
are also free to find a lender on their own, however the lender must be willing to accept the City’s loan
documents and program documents without changes.
 CAN I RENT MY UNIT IF I DECIDE TO MOVE?
The program requires owners to live in their unit for at least 10 months out of any 12-month period. This
is to insure that the units are maintained as affordable housing for owners and not for investment
purposes.
 HOW DOES THE APPLICATION PROCESS WORK?
Since units come up for sale periodically, the City maintains a waiting list of qualified buyers according to
unit bedroom size. To be put on the waiting list applicants must return a completed application along
with all requested supporting documents. Each application will be reviewed for eligibility and those being
approved will be placed on a waiting list for an appropriate sized unit. Although there is no guarantee,
most applicants will have to wait at least one year before their name comes up on the waiting list and a
unit is offered to them for purchase.
Priority is given to applicants who live or work in the City of San Mateo. Every third unit is offered to
City and San Mateo City school district employees. Also, priority is given to applicants based on unit size;
2-bedroom units, priority is given to households of 2 or more persons and 3-bedroom units, priority is
given to households of 3 or more persons.
 HOW DO I KNOW IF I’M READY TO BUY A HOME?
There are a variety of companies or agencies, such as Consumer Credit Counseling Service, that offer
consumer credit counseling services and first time home buyer seminars. These are valuable education
opportunities to evaluate your financial readiness for purchasing your first home.
Any additional questions should be directed to the Program Administrator, Renée Daskalakis, at
(650) 597-1848, via e-mail: [email protected], or mailed to:
Renée Daskalakis
Today Sotheby’s Int’l Realty
1250 San Carlos Avenue
San Carlos, CA 94070
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