ON HOLD: Ordinance 241063: Adjustments to BMR thresholds

UPDATE: This ordinance was filed on 10-28-24. The Land Use and Transportation Committee voted to table this item on 11-18-24, but reserves the option to continue it to a future hearing. This is a duplication of Ordinance 240802 which was approved on 11-14-24.

Ordinance 241063 was introduced on 10-28-24 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.

See Duplicate Ordinance 240802

View the Legislation