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File Number: 21-566 <br />first-time homebuyers. If any BMR home is sold or transferred prior to the end of the affordability <br />period, then the home must be re-sold to a similar income eligible homebuyer at the restricted <br />resale value based on the Consumer Price Index (CPI) formula in the recorded agreement <br />between the owner and the City. <br />During its routine monitoring, Staff found that the BMR owner had not only moved out and illegally <br />rented 713 Bloom Street as a non-hosted short-term rental, but also had refinanced the property <br />in excess of the allowed resale amount multiple times without City approval. After City Council <br />approved authority to purchase 713 Bloom in October 2019, the City closed escrow and <br />purchased 713 Bloom Street in May 2021. <br />The City’s contract Homebuyer Program consultant, Bay Area Affordable Homeownership <br />Alliance (BAAHA), will manage the minor repairs related to wear and tear and deferred <br />maintenance, install new appliances, fully clean the interior and conduct other cosmetic repairs to <br />market and sell the property. BAAHA will also manage the resale process, as it typically does for <br />the resale of other City BMR homes. BAAHA will utilize the City interest list of households who <br />qualify and are ready to purchase BMR units, like 713 Bloom Street. BAAHA will give priority to <br />qualified households who live or work in San Leandro per the City’s inclusionary housing <br />requirements. <br />Previous Actions <br />·October 7, 2019, City Council Resolution No. 2019-161 authorized the City Manager to <br />appropriate funding from the Affordable Housing Assets Fund (Fund 168) in the amount of <br />$415,000 to purchase a below market rate (BMR) property located at 713 Bloom Street. <br />Applicable General Plan Policies <br />·Housing Element Policy 55.01, Community Stability Through Home Ownership - Enhance <br />community stability by promoting home ownership and creating opportunities for first-time <br />homebuyers in the City of San Leandro. <br />Legal Analysis <br />The City Attorney’s Office reviewed and approved this staff report and related resolution. <br />Fiscal Impacts <br />This Affordable Housing Assets Fund (Fund 168) project will cost $40,255, which will require no <br />increase to existing funding to the FY 2021-22 Budget. All related project funding activity was <br />previously approved in Council Resolution 2019-161 and will see full reimbursement. <br />Budget Authority <br />This project received Council authority under the resolution listed above and requires no <br />Page 2 City of San Leandro Printed on 10/14/2021