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APPROVED: Ordinance 240802: Adjustments to BMR thresholds

Updated: Nov 15, 2024

UPDATE: This ordinance was approved by the Board of Supervisors on 10-29-24 and signed by the Mayor on 11-14-24.

Ordinance 240802 was introduced on 7-30-24 by Supervisor Melgar.

This ordinance would allow certain Below Market Rate (BMR) units to be resold at higher prices. If approved, MOHCD would be authorized to increase the sale price to the amount of the owners original purchase price, or to increase the AMI level for the unit to 130% AMI. MOHCD would also be authorized to qualify new owners with qualifying incomes of up to150% AMI.


Additional changes would also apply to cases in which a rental BMR unit was converted to an owned unit, with similar exceptions for qualifying income.




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