HomeMy WebLinkAboutReso 182-2024 (24-1119)File Number: 24-1119
City of South San Francisco
City Council
Resolution: RES 182-2024
P.O. Box 711 (City Hall, 400
Grand Avenue)
South San Francisco, CA
Enactment Number: RES 182-2024
RESOLUTION APPROVING AND AUTHORIZING THE SALE
OF A CITY -OWNED BELOW MARKET RATE (BMR)
HOUSING UNIT AT 2230 GELLERT BOULEVARD, UNIT 3209
(APN 104540190) TO A QUALIFIED BUYER EARNING UP TO
100% OF THE AREA MEDIAN INCOME IN ACCORDANCE
WITH THE CITY'S BMR RESTRICTIONS, PRICED AT THE
TIME MARKETING BEGINS, AND AUTHORIZING THE CITY
MANAGER TO EXECUTE A GRANT DEED, AFFORDABLE
HOUSING RESALE RESTRICTION AGREEMENT, AND ANY
OTHER DOCUMENTS NECESSARY TO EFFECTUATE THE
SALE OF THE BMR UNIT.
WHEREAS, following the unsuccessful marketing and sale of the BMR Unit located at 2230 Gellert
Boulevard, Unit 3209, ("Unit") City Council authorized on October 23, 2024, and the City purchased the Unit on
November 15, 2024, 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, City staff recommends, and the City Council now desires to authorize the sale of the Unit to
median income households (100% 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 $507,490; 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, City staff recommends, and the City Council also desires to authorize the City Manager 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 by the City Council of South San Francisco that it hereby
approves and authorizes the sale of a City -owned Below Market Rate (BMR) housing unit at 2230 Gellert Boulevard,
Unit 3209 (APN 104540190) to a qualified buyer earning up to 100% of the area median income in accordance with
the City's BMR restrictions, priced at the time marketing begins, and also authorizes the City Manager 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.
City of South San Francisco
File Number: 24-1119
Enactment Number: RES 182-2024
At a meeting of the City Council on 12/11/2024, a motion was made by Councilmember Nagales,
seconded by Councilmember Nicolas, that this Resolution be approved. The motion passed.
Yes: 5 Mayor Flores, Vice Mayor Addiego, Councilmember Coleman
Councilmember Nagales, and Councilmember Nicolas
Attest by _\\, 4), -A " ,
Rosa Go costa, City Cler
City of South San Francisco