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Planning commission weighs narrow fix to freeowners stuck by BMR resale rules; delays recommendation for a week
Summary
The Planning Commission considered an ordinance to let the mayor's office of housing and community development (MOHCD) raise some BMR resale prices and qualifying AMI for a small group of homeowners who bought above older resale formulas; after lengthy public testimony the commission failed a motion to recommend approval and instead continued the matter one week for follow-up data and possible sunset language.
The San Francisco Planning Commission on Oct. 10 considered a narrow ordinance, sponsored by Supervisor Matt Haney’s (sponsor identified in packet as Supervisor Melgar), that would allow limited adjustments to the affordable resale price and qualifying area median income (AMI) for certain below-market-rate (BMR) homeownership units.
Jen Lowe of the sponsor’s office told commissioners the change is targeted: it would let the mayor’s office of housing and community development (MOHCD) increase the affordable resale price up to 130% of AMI in cases where an owner purchased a unit at a higher price under older calculations, and increase the qualifying income for buyers up to 150% AMI in specific circumstances. “We took a long time to think through this,” Lowe said, adding the…
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