Title
Staff Report for a City Council Resolution to Approve an Amendment to the FY2021-2022 Consulting Services Agreement (CSA) Between the City of San Leandro and Bay Area Affordable Homeownership Alliance (BAAHA) Increasing Funding by $40,255 (to a new contract total of $76,185)
Staffreport
SUMMARY AND RECOMMENDATIONS
On October 7, 2019, the City Council approved Resolution No. 2019-161 authorizing the City Manager to appropriate funding of $415,000 to purchase a below market rate (BMR) property at 713 Bloom Street from the original homeowner who had breached the affordability contract with the City. In May 2021, the City used approximately $382,000 to exercise its rights to purchase the property under the regulatory agreement recorded on the property's title. The City proposes to make renovations to the property and to re-sell it to another income-qualified first-time homebuyer household under the City's Inclusionary Housing Program.
Staff recommends that the City Council approve a resolution to amend the existing FY2021-2022 Consulting Services Agreement (CSA) with the City's first time home buyer (FTHB) consultant, Bay Area Affordable Homeownership Alliance (BAAHA). BAAHA manages the City's homebuyer programs including the resale of BMR for sale units to income eligible households. Through this amendment to BAAHA's contract, BAAHA will oversee the necessary improvement work to place 713 Bloom on the market as an affordable homeownership opportunity.
Background and Analysis
In the early 2000s, the Cherrywood subdivision was constructed and included over 300 owner-occupied detached single family and attached townhome units. Over 30 units were required by the City to be sold at below market rate prices to eligible low- and moderate-income homebuyers under the City's Inclusionary Housing Program. The owner of 713 Bloom Street purchased the BMR unit as part of this program. The intent of the program was to create affordable homeownership opportunities for ...
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