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Supervisors press MOHCD on BMR resale rules after owners say new "affordable price" leaves them trapped
Summary
At a May 8 committee hearing, the mayor's housing office presented data on below-market-rate (BMR) homeownership resales while affected owners and a realtor said a policy disclosed in 2019 sets an "affordable resale price" that can be far below the seller's expected baseline price; the committee filed the hearing and directed follow-up work.
Chair Melgar convened a May 8 hearing before the Land Use and Transportation Committee to examine how recent policy changes and current market conditions affect sellers of below-market-rate (BMR) homeownership units.
Sheila Nicolaopoulos, director of policy and legislative affairs at the Mayor's Office of Housing and Community Development (MOHCD), and Maria Benjamin, MOHCD deputy director for BMR programs, described three distinct BMR ownership programs, resale pricing formulas and recent sales data. MOHCD officials said market conditions have reduced buyer applications for resales (from an average of 26 applications per listing in 2019 to about five this year) and that the agency is proposing programmatic and outreach changes, including a revised manual, marketing efforts, a preferred realtor list and possible code…
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