Title
Resolution authorizing the City's acquisition of the Below Market Rate (BMR) unit at 2210 Gellert Boulevard, Unit 5107 (APN 104-470-070), and approving Budget Amendment Number 27.002.
body
WHEREAS, the City's Inclusionary Housing Ordinance (Municipal Code Chapter 20.380) creates Below Market Rate (BMR) housing within both ownership and rental developments; and
WHEREAS, on March 29, 2026, the City received a Notice of Intent to Sell from the owner of the BMR unit located at 2210 Gellert Boulevard, Unit 5107 (APN 104-470-070); and
WHEREAS, the BMR unit is subject to a recorded Resale Restriction and Right of First Refusal Agreement, executed with the City ("Agreement"); and
WHEREAS, in accordance with the Agreement, the City holds a right of first refusal to purchase the unit in the event of default, foreclosure, or sale, in order to preserve the unit within the City's BMR program; and
WHEREAS, this unit was posted on Multiple Listing Service (MLS) and the City's website on April 22, 2026, with the affordability restriction set to 100% Area Median Income (AMI) and has received no qualifying applicants for purchase; and
WHEREAS, the timeline for the City to assign its right of first refusal is set to expire shortly, after which the BMR owner can sell the property to any buyer, removing the BMR resale restriction agreements; and
WHEREAS, to avoid the loss of this affordable housing unit, the City will immediately exercise its option to purchase the unit using Commercial Linkage Fees (Fund 823); and
WHEREAS, once acquired, the City can determine the appropriate income level at which to market the unit for resale.
NOW, THEREFORE, BE IT RESOLVED by the City Council of South San Francisco that it hereby:
1. Authorizes the City Manager or authorized designee to exercise the City's option to acquire the BMR unit.
2. Approves Budget Amendment Number 27.002, authorizing the appropriation of $603,068 from the City's Commercial Linkage Fee Fund (Fund 82...
Click here for full text