RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

* * * * * *

RESOLUTION AUTHORIZING (1) SALE OF COUNTY-OWNED BELOW MARKET RATE UNIT TO A QUALIFIED LOW-INCOME BUYER AT AN AFFORDABLE PRICE, AND (2) THE DIRECTOR OF HOUSING TO EXECUTE ALL LEGAL DOCUMENTS TO EFFECT THE SALE

 

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

 

WHEREAS, in 1992 Silverado Development entered into an agreement with the County to allow the developer to construct an additional unit in a condominium development on Fifth Avenue in North Fair Oaks in exchange for a below-market rate (“BMR”) unit to be sold to a low or very low-income household; and

 

WHEREAS, in 1993 a qualified low-income buyer acquired the BMR unit; and

 

WHEREAS, in December 2003, in accordance with the resale restrictions imposed on the BMR unit, the homeowner gave the County notice of his desire to sell the property, and in March 2004 the Board of Supervisors approved exercising the County’s option to purchase the property; and

 

WHEREAS, in accordance with the resale restrictions, the County must in turn seek a qualified low-income Buyer to purchase the BMR unit at an affordable price;

 

NOW, THEREFORE, IT IS HEREBY RESOLVED that: (1) the sale of the County-owned BMR unit to a qualified low income buyer at an affordable price and subject to the below-market rate restrictions is authorized; and (2) the Director of Department of Housing authorized to execute all legal documents to effect the sale of the BMR unit.

 

* * * * * *