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Rent, affordable homes, zoning, and decisions that shape where people can live.
The City or its designee checks major lenders for prevailing interest rates, loan terms, points, and minimum down payments, then estimates monthly housing costs.
The presentation describes that developer obligations end when the BMR unit is recorded to the buyer or City under the grant deed and resale restriction agreement.
Agreement will be recorded in San Mateo County records and cannot be subordinated to any lien without City consent, except for taxes and permitted encumbrances.
The city no longer maintains a ranked BMR purchase waitlist and does not add new households to it.
Initial selling price for BMR for‑sale units is set based on a percentage of area median income (AMI) for various income levels.
After the seller notifies the City and the unit is approved as salable, the City sets the sale price for the BMR unit.
The City establishes the sales price using the original selling price, depreciation of improvements, and one‑third of the Bay Area cost‑of‑living index increase, choosing the lower of the appraised value or the computed price.
No details are provided for this item.
BMR owners must contact the City’s BMR Housing Program provider before refinancing or taking an equity line.
Commission will develop an anti-displacement strategy and evaluate community-identified tools.
The presentation explains that BMR units will be sold only to eligible low‑income or very low‑income buyers as defined by state code.
Developer must execute and record a BMR Housing Agreement before a building permit can be issued.
Developers may provide off‑site BMR units if approved, and must be ready before project completion while meeting the same income criteria as on‑site units.
Staff reported on May’s Affordable Housing Month.
The maximum sales price is calculated to be affordable for eligible BMR households using income limits, mortgage rates, down payments, and other homeownership costs.
Developer must design and build the project in compliance with all applicable laws, codes, and disability access requirements.
Recommend the Planning Commission approve a below‑market‑rate housing agreement for a 6‑unit development at 624 University Dr.
The City records the agreement at no charge and requires owner consent for any lease or rental, especially short‑term rentals.
The sale procedure follows the same steps outlined in earlier sections, substituting the seller for the developer.
Presentation of the exhibit that details the resale restriction agreement for a low‑income below‑market‑rate home.
After a public hearing, the Planning Commission approved a use permit, architectural control, affordable housing agreement, and concessions for a project under State Density Bonus Law.
The work plan includes pursuing affordable housing on city‑owned downtown parking lots.
Developers must notify the city when a BMR unit passes its final building inspection and is ready for sale.
The presentation explains that a transfer not complying with the conditions is deemed a “Prohibited Transfer.”
