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City updates below-market-rate sales-price guidance to align with state law, urges early developer contact
Summary
City staff described changes to the below-market-rate (BMR) maximum-sales-price guidance to reflect state law requirements for monthly payment calculations and said developers may submit project-specific pricing assumptions for staff review.
San Luis Obispo housing staff told developers the city updated its below-market-rate maximum-sales-price guidance to align with state law and to calculate monthly payment assumptions that include mortgage, homeowners association fees and insurance.
Staff said the city updates the guidance annually because income limits and other assumptions change. The biggest change this year, they said, was…
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