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Supervisors advance narrow fix to BMR resale rules to ease sales for a small number of homeowners
Summary
The committee approved amendments to allow limited increases in buyer AMI eligibility for some below-market-rate (BMR) owner-occupied resales, added reporting triggers after 10 adjustments and a requirement for annual MOHCD reporting and a public hearing; the ordinance was forwarded to the full Board as a committee report.
San Francisco supervisors on Oct. 28 advanced a narrowly tailored change to the city’s inclusionary homeownership rules that would let the Mayor’s Office of Housing and Community Development (MOHCD) raise the qualifying Area Median Income (AMI) for new buyers of certain below-market-rate (BMR) owner-occupied units when a unit’s maximum resale cap is higher than what a prospective buyer can afford.
The amendment, authored by Supervisor Melgar and recommended by the Land Use and Transportation Committee, is designed to address a limited set of cases in which the maximum allowable resale price and the affordability calculation for the next buyer have diverged. Melgar told the committee the problem surfaced in a…
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