bayareagirl2…, Renter in San Francisco, CA

Is a below market rate (BMR) rental considered a rental for which the rent is "assisted or subsidized by the government"? Has anyone had any experien

Asked by bayareagirl2001-email, San Francisco, CA Wed Sep 4, 2013

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John Oldfield, Agent, San Francisco, CA
Thu Sep 12, 2013
The other resource to call is the Rent Board 415-252-4602. They should be able to answer your question regarding interest that may be due on your deposit.
1 vote
Thanks for the idea, but I have already tried the Rent Board and the governors office and any number I was referred to from them. Nobody seems to know or wants to take responsibility for defining whether a BMR qualifies. I really think it needs to be defined specifically in the rule.
Flag Thu Sep 12, 2013
Alina Laguna, Agent, San Francisco, CA
Wed Sep 4, 2013
The BMR program is subsidized by the Federal government and the SF Mayor's Office of Housing. It is an assistance program for those whose income is limited in comparison with the median income in SF. The yearly interest payment is sooooooooo small that I would not be worrying about it. From 3/31/13 to 2/28/14 the interest is .04!!!

If you have any other questions, call the MOH front desk and they will direct you to the correct department to help you with your issue/s.
1 vote
Alina do you happen to have a link to a website that spells out exactly how BMR is subsidized? I am getting conflicting information all over.
Flag Wed Sep 4, 2013
I have called an I have yet to get a definitive answer. I wish they would spell out exactly what is defined as "assisted or subsidized" and what isn't. Yes this year the interest rate is low, however for previous years it is quite high, and depending on how much someone gave as a security deposit and how long ago, even the simple non-compounded interest can add up. Also, for people who qualify for BMR rentals, what is considered a "small amount" to others may not be to them.

Here is what the past interest rates were:

9/1/1983 to 8/3/2002—5%

8/4/2002 to 2/28/2003—3.4%

3/1/2003 to 2/28/2004—1.2%

3/1/2004 to 2/28/2005—1.2%

3/1/2005 to 2/28/2006—1.7%

3/1/2006 to 2/28/2007—3.7%

3/1/2007 to 2/28/2008 —5.2%

3/1/2008 to 2/28/2009—5.2%

3/1/2009 to 2/28/2010 —3.1%

3/1/10 to 2/28/11 — 0.9%

3/1/11 to 2/28/12 — 0.4%

3/1/12 TO 2/28/13 — 0.4%

Could you imagine the fuss I would get from my landlord if I paid even 1cent less than the rent I owe one month???? It has to be fairly applied!
Flag Wed Sep 4, 2013
Ildiko Pali, Agent, San Francisco, CA
Wed Sep 4, 2013
No, it's just lower rent. You need to meet maximum income requirements to be qualified. You can get more info here:
1 vote
Flag Mon Sep 9, 2013
Thank you! I have found this site already. But the issue is regarding the interest on the security deposit for such a rental and whether it must be paid on a BMR. The rule/law in San Francisco states that interest on security deposits due on all rentals EXCEPT for those where "rent for the unit is assisted or subsidized by a government agency"
Flag Wed Sep 4, 2013
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