News from EPACANDO
Blog-style announcements from the working group
1765 East Bayshore Road, EPA
Current Purchase Opportunity!
A lottery will be held in July for a one (1) bedroom condo at 1765 East Bayshore Road.
Please see the flyer for introductory informational event May 14th at City Hall.
A qualified buyer will be selected from a lottery pool in July of 2019. A six (6) week application period to join the lottery pool will open on Friday May 17, 2019 and close on Friday, June 28, 2019.
Click button above to sign up for the (free) event with EPACANDO’s co-administrator, the Bay Area Affordable Homeownership Alliance (BAAHA), and to get more information.
EPACANDO got the go ahead at a recent East Palo Alto City Council meeting to coordinate the process of choosing a new buyer when a price-controlled unit is for sale. In addition, EPACANDO was charged to assure that owners of existing BMR homes are caring responsibly for their units.
Watch this space! We will announce any available unit here!
BMR (Below Market Rate) Program
More than 100 East Palo Alto families own “BMR homes,” made possible by the City’s BMR program which for decades has required developers of new for-sale housing to sell some of them at more affordable prices, and which then keeps those homes affordable over time by restricting their resale price. The program is sometimes called the “Ownership BMR Program” because the City’s program also includes many BMR apartments for rent.
Purchase Opportunities As new BMR homes are built or as current BMR homeowners move out, BMR homes come up for sale. When this happens, EPACANDO conducts an outreach and selection process on behalf of the City. Because demand is always high and supply is always low, a lottery is necessary. Lottery procedures are being reviewed currently, and will be updated soon.
Current Services for BMR Homeowners:Assuring the soundness of the community’s “portfolio” of BMR homes for current and future residents is in everyone’s best interest. So annually, EPACANDO reaches out to all BMR homeowners to assure compliance with the program’s very basic rules about remodeling, refinancing and renting-out.
During 2019 EPACANDO will also begin an email newsletter and annual workshops for current BMR homeowners to address perennial questions: What if our household size grows or shrinks? What if we need to install accommodations for disabled family members? Can we rent out a room? How can we support the creation of more BMR homes in East Palo Alto?
In 2003, EPACANDO received a contract from the City of EastPalo Alto to administer the City’s “below-market-rate homeownership” program. For many years the City required developers of for-sale housing to set aside a substantial number (typically 20%) of the new homes for purchase by qualified low-income buyers.
EPACANDO helped buyers obtain the homes, then monitored the homebuyers for compliance with restrictions on refinancing, resale and subletting.
Later, as production of new for-sale homes in the city slowed—and therefore production of new BMR homes slowed—the City decided to operate the program using City staff. However, beginning in 2019, EPACANDO will once again be under contract to provide this service for the City.
EPACANDO works closely with City staff. EPACANDO is also partnering with the Bay Area Affordable Homeownership Alliance (BAAHA), an experienced BMR program administrator serving five Bay Area cities and coordinating several hundred BMR refinances, sales and purchases each year.