Title
Report regarding a 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. (Elia Moreno, Management Analyst I)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council adopt a resolution approving 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% of the area median income (AMI) in accordance with the City's BMR restrictions and authorizing the City Manager or designee to execute a Grant Deed, Affordable Housing Resale Restriction Agreement, and any other documents necessary to effectuate the sale of the BMR unit.
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BACKGROUND
On June 10, 2026, City Council authorized the purchase of a BMR ownership unit located at 2210 Gellert Boulevard, Unit 5107 ("Property"), as detailed in the staff report (Attachment 1). The condominium complex where the Property is located is referred to as South City Lights and includes multiple buildings along Gellert Boulevard.
City Council approved the purchase after the initial marketing did not produce any qualifying buyers and to ensure the unit would not be sold at market rate. The City is expecting to take title of the 1- bedroom, 1-bathroom unit on July 31, 2026, for a purchase price of $550,000. A resale restriction agreement executed between the City and the current BMR owner set the regulations of the sale to the City. Under City ownership of the unit, the City may evaluate the income eligibility of the unit and set an appropriate sales price that aligns with market conditions and the community's housing needs.
DISCUSSION
The City acquired the Property using Commercial Linkage Fees, Fund 823, which requires investment in housing for households making 120% or less of the Area Median Income (AMI). Households between 80 to 120% A...
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