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Resolution authorizing the sale of a City-owned Below Market Rate (BMR) housing unit at 2210 Gellert Boulevard, Unit 5107 (APN 104-470-070) and authorizing the City Manager or designee to execute related sale documents.
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WHEREAS, following the unsuccessful marketing and sale of the BMR Unit located at 2210 Gellert Boulevard, Unit 5107 (“Property”), the City Council authorized on June 10, 2026, and the City purchased the Unit to ensure it would not be sold at market rate; and
WHEREAS, the City is now in the position of being able to re-evaluate the income eligibility of the Unit and the appropriate sales price given today’s interest rates and the community’s housing needs; and
WHEREAS, the City acquired the Unit using Commercial Linkage Fees (Fund 823) governed by Municipal Code Chapter 8.69.090, the purpose of which is to increase and improve the supply of housing affordable to moderate-, low-, very low-, and extremely low-income households; and
WHEREAS, based on City staff recommendation, the City Council now desires to authorize the sale of the Unit to moderate-income households ( up to 120% Area Median Income or 120% AMI) and authorize staff to set the final sale price immediately prior to marketing the Unit; and
WHEREAS, the final sale price will be set on a calculation of monthly and annual cost estimates including property tax, insurance, utilities, HOA fees, mortgage loan interest rate, and a five percent down payment; the sale price is currently estimated at approximately $485,000; and
WHEREAS, the mortgage loan interest rate utilized will be, as published by the California Housing Finance Authority, utilizing either a rolling six-month average or current moment-in-time interest rate, selected based on what provides greatest household eligibility and most accurately reflects the current mortgage interest market and mortgage interest trends prior to pricing the Unit; and
WHEREAS, based on City staff recommendation, the City Council also desires to authorize the City Manager or designee to execute all documents necessary to effectuate the sale of the Unit, including, but not limited to, a Grant Deed and Affordable Housing Resale Restriction Agreement.
NOW, THEREFORE, BE IT RESOLVED that the City Council of South San Francisco hereby approves and authorizes the sale of a City-owned Below Market Rate (BMR) housing unit at 2210 Gellert Boulevard, Unit 5107 (APN 104-470-070) to a qualified buyer earning up to 120% AMI in accordance with the City’s BMR restrictions, priced within the moderate-income AMI range (80-120% AMI) at the time marketing begins, and also authorizes the City Manager or designee to execute a Grant Deed, Affordable Housing Resale Restriction Agreement, consistent with the terms identified in this resolution and other applicable BMR/affordable housing regulations, and any other documents necessary to effectuate the sale of the BMR unit, all subject to approval as to form by the City Attorney.
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