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Committee questions MOHCD after limited-equity BMR units were lost to foreclosure
Summary
Supervisors pressed the Mayor—s Office of Housing and Community Development about procedures after two limited-equity below-market-rate (BMR) homeownership units foreclosed (Mission Walk); MOHCD said it halted 24 foreclosures overall, lost four units (less than 1% of the portfolio), and now has budget authority to purchase at-risk LEP units; public commenters disputed MOHCD—s responsiveness.
Supervisor Jane Kim opened a hearing on MOHCD—s procedures to track and intervene on below-market-rate (BMR) limited-equity homeownership units at risk of foreclosure, saying preservation is as important as production and noting the office previously preserved 101 units at South Beach Marina Apartments.
Olsen Lee, Director of the Mayor—s Office of Housing and Community Development, walked the committee through the redevelopment-era history of shared-appreciation and restricted-resale models and explained why the city moved toward…
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