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C1TY ASSISTED RESIDENTIAL PROPERTY ACQUISITION PROGRAM <br />Approved by City Council <br /> July 18, 2000 <br /> <br />1. Program Purpose <br /> <br />A. Opportunities for securing below market for sale housing through new <br />development are becoming increasingly scarce as the City moves toward housing <br />buildout. Therefore, the City needs to shiR its focus to acquisition of existing <br />housing and retention of existing new affordable units. To that end, the primary <br />emphasis of the City Residential Property Acquisition Program, is to acquire <br />existing condominiums, townhomes, and duets for the purpose of reselling them to <br />low income households at 80% or less of the area median income (AM1). <br /> <br />II. Program Elements <br /> <br />A. The City will pursue the purchase of existing residential properties suitable f'or <br />ownership m~d rental housing programs, <br /> <br />B. City staff will make recommendations to the City Ilousing Commission <br />regarding potential propcrtics including recommendations related to potential <br />owners, financing, administration and other related acquisition issues. <br /> <br />C. A staff report outlining City staff and Housing Commission recommendations <br />Iiw acquisition of property will be forwarded to the City Cotmoil for approval prior <br />to the acquisition of any properties. City staff will complete a property appraisal <br />prior to fi>rwarding inli~rmation to City Council. <br /> <br />D. Upon authorization from the City Council, City staff will conduct all the <br />appropriate transactions related to property acquisition including the coordination <br />of al I escrow related activities. <br /> <br />E. Auy property acquisition will bc consistent with City ordinances and other <br />regulations. <br /> <br />IlL General Program Guidelines <br /> <br />A. Although thc main focus of this program is o~vnership, the City will consider <br />opportunities to acquire existing apartment complexes, including older complexes <br />that might require rehabilitation, The goal of this element will be to supplement <br />rental units under the City's existing Below Market Rent (BMR) program. <br />Ideally, the City will work with non-profits and/or for-profit property owners so <br /> <br /> <br />