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Gilroy council approves pilot to preserve below-market-rate home sales and amends budget for one-time acquisition funds
Summary
Council authorized a pilot below-market-rate (BMR) preservation program that uses a county zero-interest bridge loan and CalHome/City down-payment assistance to buy, repair and resell at-risk deed-restricted homes; council also adopted a budget amendment to cover holding and repair costs. Motion passed 5–1.
The City Council voted March 3 to launch a pilot program to preserve below-market-rate (BMR) homeownership units that will begin to "age out" of their resale restrictions, using a short-term bridge loan offered through a Santa Clara County program and city housing trust funds to repair and resell homes to income-qualified buyers.
Christy Thomas, housing and community services manager, told council Gilroy’s BMR portfolio consists of about 300 deed-restricted ownership units, many built between 1998 and 2013, and that the city has lost 13 units since 2017 when properties were sold at market rate without deed restrictions. "The portfolio has been administered since 2017 by an affordable housing nonprofit called HouseKeys," Thomas said, and she explained the county’s BMR Partnership program offers…
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