Am I Eligible to Buy a CLAM Home?

To be eligible to buy a CLAM home, you need to have enough income so that your house payments are not more than one-third of your gross household income, but not so much income that you don’t qualify to buy a subsidized home (see chart below). You will need to get a loan (mortgage) to purchase your home (CLAM can refer you to a mortgage broker familiar with CLT homes).

To prepare for buying a CLAM home, we recommend investing in your financial education. Learn how to reduce your debt and increase your credit score. CLAM requires that you attend an educational program for first-time homebuyers. If you get started on your financial education now, you can be ready when an opportunity arises!

Area Median Income

Income qualification requirements vary depending on possible funding restrictions. Generally, incomes need to be between 70 and 100% of Area Median Income (AMI), but there could be higher limits. The chart below shows the income limits that existed in 2020 for the San Francisco Metro Area, which includes Marin County. The chart shows that, for example, a family of 4 is considered “low income” if their gross income is no more than $139,400, “very low income” if their gross income does not exceed $87,000, and “extremely low income” if their gross income is $52,200.

2020 Income Limits Summary

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How does CLT homeownership work?