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The San Ramon City Council is set Tuesday to discuss buying a condo unit that would be resold at a below-market value, ensuring that an affordable housing option remains available for qualifying residents.
Located in a multi-unit complex at 4704 Norris Canyon Road, city officials are considering whether to purchase the home for $589,000 — pending confirmation of the condition of the home — using money from the city’s housing fund, with the goal being to resell the home and ensure that it remains affordable to moderate-income households.
“Since receiving the owner’s intent to sell, the city has been evaluating the implications of purchasing the moderate unit and various options associated with the resale of the home,” city senior planner Cindy Yee said in a staff report.
“In consultation with the State Department of Housing and Community Development (HCD), the city has determined that if the city were to purchase the moderate unit and resell the home at a price affordable to a low-income household and maintain a long-term resale restriction, the city could count the unit towards our regional housing needs allocation (RHNA) obligation,” Yee added.
The potential purchase is a part of the city’s affordable housing covenant agreement for the Park Central — also known as St. James — Residential Condominium Development, which requires that the below-market-rate home remain affordable to moderate-income households for at least 20 years after purchase. Since the current homeowners wish to sell their before the 20-year mark, the agreement grants the city an option to purchase the residence.
The unit was purchased in September 2014 for $431,500, and according to city staff, currently has an affordable price tentatively set at $527,737.
“The increased affordable price from the original purchase price is a result of the county’s area median income rising nearly $26,000 since 2013,” Yee said.
After selling the home, city staff say $341,000 will be reimbursed to the San Ramon housing fund, which currently has an available cash balance of $2,889,569.
The San Ramon City Council’s regular meeting is set to be held virtually at 7 p.m. on Tuesday (March 23). Interested residents can view the meeting on the city’s YouTube page or on its Zoom account using webinar ID 916 8869 5976.
To comment during the video conference, participants will need to sign into the Zoom meeting and click the “Raise Your Hand” button or dial “*9” if calling in by phone. Residents who do so will be logged as wanting to comment and will be unmuted when it is their turn to speak. As always, speakers will have up to three minutes to leave their comments.
Residents can also submit public comments via email to CityClerk@sanramon.ca.gov. Comments must be sent prior to 6 p.m. on Tuesday and include “Public Comment 3/23/2021” in the subject line.
In other business
* The council is also set to discuss a number of routine administrative matters during Tuesday’s meeting, such as the establishment of fees and charges for various municipal services.
A routine process conducted by city staff every year, the council will review San Ramon’s fees that apply to development impact costs, bicycle licensing, banner permits, picnic rental, field rental and theater rental, to name a few.
* Council members also plan to issue a series of proclamations, recognizing March as Prescription Drug Abuse Awareness Month and the week of April 4-10 as National Library Week.
* During a closed session held after the conclusion of its public meeting, the council plans to reconvene for a private meeting to discuss the status of upcoming labor negotiations with the San Ramon Police Officers Association.
