Housing CommissionMenlo Park
Agreement binds developer’s successors and assigns
The agreement runs with the land and binds the developer and its permitted successors and assigns.
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The agreement runs with the land and binds the developer and its permitted successors and assigns.
Buyers must sign and record a Resale Restriction Agreement that limits future sales to low‑income or very low‑income households for a period of fifty‑five (55) years.
Purchasers must sign a statement agreeing to occupy the BMR unit as their principal residence.
The City and seller agree on a schedule of open houses for the unit, arranged at the seller’s convenience.
Residential projects of five or more units must submit a BMR Housing Agreement.
The developer must keep the project and property in good repair and safe condition during the agreement term.
The presentation outlines transfers that do not substantially comply with the required conditions.
Developer covenants that there will be no discrimination based on protected classes in sale, lease, or occupancy of the units.
The commission is reviewing how BMR unit requirements grow as the number of units in a development increases.
At least 50% of the ownership interest in a BMR property must belong to the qualifying applicant(s).
The City is the only party that can enforce the agreement to meet affordable‑housing goals.
Sellers must notify the City by certified mail and ensure the unit is in good repair and “salable condition,” covering items like flooring, systems, fixtures, and landscaping.
The City can waive any term or condition of the agreement by written consent.
The City checks major lenders to obtain current mortgage rates, loan terms, points, and down‑payment requirements.
BMR owners must contact the City before adding anyone to title or transferring the unit.
A notice is considered satisfied three days after it is mailed by first‑class certified mail.
The agreement becomes effective when the developer receives a certificate of occupancy or temporary certificate.
The City or its designee obtains the homeowner’s dues, insurance, and tax amounts from the seller.
No final inspection of BMR units until the purchase or rental price is agreed in writing by the developer and the City Manager.
All adult applicants and household members must complete a one-time homebuyer education workshop, class, or counseling session.
The agreement will be recorded in San Mateo County records and cannot be subordinated to other liens without City written consent.
Staff asks the Housing Commission to recommend the Planning Commission approve a BMR agreement for two low‑income, for‑sale units in a six‑unit townhouse project at 624 University Dr.
The commission is reviewing the amendment clause that only written agreements can change the housing agreement.
If any part of the agreement is declared invalid, the rest remains enforceable.