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Menlo Park housing commission recommends BMR agreement that allows rental option for 50‑unit 68 Willow Road project
Summary
The Menlo Park Housing Commission voted 6–0 (one absence) to recommend that the Planning Commission approve an alternate below‑market‑rate (BMR) agreement for a 50‑unit development at 68 Willow Road that would allow the developer to deliver the project as rental housing if for‑sale financing becomes infeasible.
The Menlo Park Housing Commission on April 1 voted 6–0, with one absence, to recommend that the Planning Commission approve an alternate below‑market‑rate (BMR) agreement for a 50‑unit development at 68 Willow Road that would permit the developer to pursue the project as rental housing if market conditions prevent a for‑sale path.
Senior Planner Chris Turner outlined the proposal and BMR conditions, saying the city requires a 15% set‑aside for BMR units (eight units in this 50‑unit project), that rental BMR units would be targeted at about 80% of area median income, and that affordability restrictions would run for 55 years. "The BMR requirements require those 50…
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