Cupertino BMR Homeownership Program: A Buyer’s Guide

Buying a home in Cupertino is difficult for many households because market-rate prices are among the highest in Silicon Valley. The City of Cupertino's Below Market Rate, or BMR, Homeownership Program creates a separate path to ownership for qualifying median- and moderate-income households by offering deed-restricted homes at prices below the unrestricted market.

The program is very different from simply finding an inexpensive condo on the open market. Buyers must meet income, asset, first-time-homebuyer and household requirements, apply through the City's program administrator, and accept long-term restrictions governing occupancy and future resale.

Program information on this page was verified August 19, 2026. The 2026 Cupertino BMR ownership waitlist is currently closed, and no new ownership units are presently announced as available. Cupertino normally opens its BMR application period annually during October, but buyers should confirm the next application dates directly with the City of Cupertino and Rise Housing rather than assuming a future opening date.

If you are comparing BMR ownership with the broader Cupertino housing market, start with my Cupertino real estate guide and 95014 Real Estate & Development Guide.

What Is the Cupertino BMR Homeownership Program?

The City of Cupertino uses its Below Market Rate Housing Program to create affordable rental and ownership housing as part of its broader housing policies.

The ownership program is designed for median- and moderate-income households. It is separate from Cupertino's BMR rental program, which serves different income categories.

Cupertino contracts with Rise Housing Solutions to administer applicant screening, waitlists and placement for the City's BMR homes.

BMR ownership opportunities can arise when an existing BMR homeowner sells a deed-restricted home or when a new development creates additional BMR ownership units. Availability therefore varies from year to year.

Are Any Cupertino BMR Homes Available Right Now?

As of August 19, 2026, Rise Housing states that the 2026 Cupertino BMR ownership waitlist is closed and that there are currently no upcoming new ownership units announced.

That does not mean the program has ended. Existing BMR homes can become available for resale, and future developments may create additional ownership units.

Qualified applicants on the waitlist are contacted in ranking order when an appropriate home becomes available.

When Can You Apply for the Cupertino BMR Waitlist?

The City of Cupertino states that the BMR rental and purchase waitlist application period normally opens annually during October.

Eligibility forms are accepted beginning on the first business day of October and normally close on the last business day of October.

Applicants should not assume that being on one year's list automatically keeps them active indefinitely. Cupertino requires applicants to apply or renew each year.

If a returning applicant continues to qualify and the household's priority points remain unchanged, the City says the applicant can maintain the prior waitlist position. Applicants who fail to reapply or who are no longer eligible are removed.

Who Qualifies to Buy a Cupertino BMR Home?

Eligibility depends on several factors rather than income alone.

Rise Housing currently identifies requirements involving:

• household income;
• household size;
• assets;
• available funds for down payment and closing costs;
• first-time-homebuyer status;
• and the particular income category assigned to an available BMR home.

Applicants should verify their eligibility using the current program rules before relying on older income limits or information from a prior waitlist year.

2026 Cupertino BMR Ownership Income Limits

Rise Housing states that Cupertino BMR ownership homes are currently designated at either 100% or 120% of Area Median Income, or AMI. Income limits vary by household size and are updated annually.

These limits became effective June 1, 2026 and can change annually. Always verify the current limits with Rise Housing before applying.

How Does Cupertino Calculate Household Income?

Rise Housing evaluates gross household income before taxes. Income generally includes earnings and other income received by adult household members, including wages, salaries, overtime, bonuses, pensions and other applicable sources.

The applicable limit depends on the number of people who will occupy the home and the income category assigned to the BMR unit.

Is There an Asset Limit?

Yes.

Under the current program information, households with assets exceeding $100,000 or 30% of the BMR home's purchase price, whichever is greater, are not eligible.

Rise Housing identifies items such as checking and savings accounts, stocks, mutual funds, CDs and money-market accounts as assets. Certain inaccessible retirement or pension funds that would generate a withdrawal penalty are excluded under the current guidelines.

Asset rules can be consequential for buyers who have accumulated substantial savings for a conventional Cupertino purchase, so applicants should review the current definition carefully.

How Much Cash Does a Buyer Need?

Qualifying for the BMR program does not mean buying a home without money for the transaction.

Rise Housing currently requires households to have readily available funds equal to at least 5% of the purchase price for the down payment and closing costs.

The exact amount depends on the particular property and financing.

Buyers should also prepare for ordinary ownership costs such as HOA dues when applicable, insurance, property taxes, maintenance and utilities.

Do You Have to Be a First-Time Homebuyer?

Yes. All applicants who will hold title must qualify as first-time homebuyers under the program.

Rise Housing currently defines a first-time buyer as someone who has not owned residential real estate during the previous three years. The rule applies to property owned both in the United States and abroad.

An exception is identified for certain applicants who previously owned a home before a divorce or legal separation.

Should You Take a First-Time Homebuyer Class?

The City of Cupertino encourages applicants for the BMR Purchase Program to obtain a First Time Homebuyer Certificate from a HUD-certified agency.

Cupertino's homeowner resources identify Project Sentinel as a HUD-approved housing counseling agency offering first-time-homebuyer education. The City also lists other Santa Clara County homeownership and down-payment-assistance resources.

Taking a course before an opportunity becomes available can help a buyer understand financing, ownership costs and the additional restrictions associated with affordable ownership.

How Do Cupertino BMR Priority Points Work?

Getting onto the BMR waitlist does not necessarily mean every applicant has the same position.

Cupertino uses a priority-point system that can award a household as many as four points.

• 1 point: At least one household member currently has a primary residence in Cupertino.
• 2 points: At least one household member works for wages or salary in Cupertino, owns or operates a Cupertino business, or performs contract or commission work at a Cupertino location.
• 1 additional point: At least one household member works for a public agency within Cupertino, such as the City of Cupertino or qualifying Cupertino schools.

Applicants with four points receive the highest priority category, followed by applicants with three, two, one and zero points.

Rise Housing verifies priority-point claims before a buyer receives final approval. Applicants who misstate their qualifications can lose their waitlist position.

What Happens After You Join the Waitlist?

Rise Housing contacts qualified households in ranking order as suitable homes become available.

A waitlist position does not mean a home is immediately available, and it does not guarantee that a particular household will be offered a property.

The household must continue to satisfy the applicable eligibility requirements for the home being offered.

Current waitlist members also need to renew their eligibility each year.

How Much Does a Cupertino BMR Home Cost?

There is no single citywide BMR purchase price.

Rise Housing explains that pricing depends on factors including:

• the year the home was built;
• the size of the property;
• the income category attached to the unit;
• and the resale formula recorded against the home.

The restriction on an individual property determines how its maximum resale value is calculated. Buyers therefore should evaluate the actual offered BMR home rather than assume that all Cupertino BMR homes have comparable prices.

What Does “Deed Restricted” Mean?

A Cupertino BMR home is not simply a market-rate property purchased at a discount.

The affordability requirements are secured through restrictions recorded against the property. Those restrictions affect how the home is occupied and eventually resold.

The program is designed to preserve affordability for future qualifying households rather than provide the first purchaser with unrestricted market appreciation.

This is one of the biggest differences between purchasing a BMR home and buying a conventional Cupertino condo or townhome on the open market.

For unrestricted market-rate options, buyers can compare current properties through my Cupertino homes for sale page.

Can a BMR Owner Sell the Home Later?

Yes. Rise Housing says there is no minimum period an owner must occupy the home before selling.

However, the resale remains subject to the applicable BMR restrictions and pricing formula. The owner cannot simply list the home as an unrestricted Cupertino property at whatever price the open market might support.

Rise Housing explains that resale formulas can be tied to changes in an applicable CPI or AMI index depending on the restrictions recorded against the individual property.

Do You Have to Live in a Cupertino BMR Home?

Owner occupancy is a fundamental part of Cupertino's program.

Rise Housing performs annual homeowner monitoring, and its program information specifically identifies owner occupancy as a major program requirement.

A buyer considering BMR ownership should therefore view the home as a primary residence rather than an investment property or unrestricted future rental.

How Is BMR Ownership Different From Buying a Regular Cupertino Condo?

A market-rate buyer generally purchases a property whose future resale value will be determined by market conditions, subject to ordinary HOA or property restrictions.

A BMR buyer receives a reduced purchase opportunity but accepts additional eligibility, occupancy and resale restrictions designed to keep the home affordable for future households.

That trade-off can be extremely valuable for a household whose priority is establishing long-term ownership in Cupertino. It is less attractive for someone whose primary objective is unrestricted appreciation or investment flexibility.

Buyers comparing conventional attached homes can also review City Center Cupertino real estate and homes near Main Street Cupertino.

Could The Rise Add More Affordable Housing?

The Rise at Town Square West will add a significant amount of housing to Cupertino, including affordable housing, but buyers should not assume that every affordable home planned there will become part of the City's general BMR ownership waitlist.

The first major affordable component at Town Square West is currently planned as rental housing. The project also includes future market-rate for-sale housing, but detailed sales plans for those ownership homes have not yet been released.

The City's BMR ownership program should therefore be followed separately from The Rise's future ownership sales program.

What About Other New Cupertino Ownership Projects?

Cupertino has very limited new-construction ownership inventory, which makes it important to distinguish between BMR opportunities and conventional future ownership projects.

For example, the proposed 19925 Stevens Creek development currently includes 92 planned market-rate for-sale townhomes. Those townhomes are separate from Cupertino's BMR ownership waitlist, although the broader development also contains an affordable rental component.

My 95014 Real Estate & Development Guide tracks the larger pipeline of established housing and future development throughout Cupertino.

What Should a BMR Buyer Investigate Before Accepting a Home?

Qualifying for a BMR opportunity does not mean a buyer should skip ordinary real estate due diligence.

I would still want a buyer to understand:

• the physical condition of the property;
• inspection findings;
• HOA dues and financial condition if the property is in an association;
• insurance availability and cost;
• property taxes and special assessments;
• school assignment if important to the household;
• parking and storage;
• the recorded BMR restrictions;
• the specific resale formula;
• owner-occupancy requirements;
• and the total monthly cost of ownership.

A below-market purchase price can be compelling, but it should not replace careful evaluation of the actual property.

Cupertino BMR Homeownership Checklist

• Confirm that you meet the current household income limit.
• Review the program's asset limit.
• Confirm first-time-homebuyer eligibility for everyone who will hold title.
• Have at least the required minimum available funds for down payment and closing costs.
• Determine how many priority points your household may qualify for.
• Consider completing HUD-certified first-time-homebuyer education.
• Monitor the annual BMR ownership application period.
• Reapply every year if required to remain active.
• Keep income, employment and residency documentation current.
• Review the restrictions and resale formula for any specific home offered.
• Investigate the physical property and HOA just as carefully as a market-rate purchase.
• Confirm all current program requirements with Rise Housing before committing to a purchase.

Frequently Asked Questions About Cupertino BMR Homeownership

When does Cupertino's BMR homeownership waitlist open?

The City says the BMR purchase application period normally opens annually during October, beginning on the first business day and ending on the last business day. The 2026 ownership waitlist is currently closed. Applicants should confirm the next application period with Cupertino and Rise Housing rather than relying on a previous year's dates.

What income qualifies for a Cupertino BMR ownership home?

Cupertino BMR ownership homes are currently designated at 100% or 120% of Area Median Income, depending on the unit. The applicable income limit also depends on household size. Income limits are updated annually, so applicants should use the current Rise Housing limits when applying.

Do I have to be a first-time homebuyer?

Yes. Applicants who will hold title must qualify as first-time homebuyers. Under the current program, that generally means they have not owned residential real estate during the prior three years, subject to specified exceptions such as certain circumstances following divorce or legal separation.

How do Cupertino BMR priority points work?

Applicants can receive up to four priority points based on living in Cupertino, working or operating a business in Cupertino, and qualifying public-agency employment within Cupertino. Higher-point applicants are placed in higher priority groups, and Rise Housing verifies the claimed points.

Can I sell a Cupertino BMR home later?

Yes, but the home remains subject to its recorded affordability restrictions and resale formula. It is not generally sold later as an unrestricted market-rate property. Rise Housing says there is currently no required minimum length of ownership before a BMR homeowner can sell.

Are any Cupertino BMR ownership homes available now?

As of August 19, 2026, Rise Housing states that the 2026 ownership waitlist is closed and that no upcoming new ownership units are currently announced. Existing BMR homes may become available for resale, and future projects may create additional opportunities.

Official Cupertino BMR Resources

Program rules and availability can change. Buyers should verify current requirements through the City of Cupertino BMR Program Overview and Rise Housing's Cupertino BMR Homeownership page.

Applicants interested in homebuyer education and financial-assistance programs can also review the City of Cupertino Homeowner Support resources.

Buying a Home in Cupertino

The BMR program is one path to Cupertino ownership, but it is not the only one. I track established homes, condos, townhomes and major future ownership developments throughout the city so buyers can compare opportunities rather than evaluate a program in isolation.

Browse the current Cupertino real estate market, review the 95014 housing and development guide, or follow The Rise at Town Square West and the 19925 Stevens Creek townhome proposal for future ownership inventory.

Program information verified August 19, 2026. Income limits, priority rules, application dates, availability and BMR requirements can change. Buyers should confirm the current program terms directly with the City of Cupertino and Rise Housing before relying on this guide for an application or purchase decision.