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2010090710 - 371 Los Gatos Boulevard - Exhibit 7Los Gatos (Los Gatos) 95032 Los Gatos/Monte Sareno (Area 16) Santa Clara County Recent upgrades Include new bathroom wunter, washer and dryer In unit, newer carpet. All apliances included. Great starter home for anyone looking to Ilve in LG. Private :Combo code 1-8-5. Bring all offers) Condominium (Class 2) Dates Unincorporated: No List: City Limits: -- Original: Beds, Baths: 2, 2~0 Sale: Sq Ft: 1032 (Assessor) COE: Expires: Lot Size: 1,104 sq it (Assessor) OffMarket: Yr Built /Age: 1970139 years Parcel #: 529-43.045 Zone: Tract: Pricing 01/30/2009 List: $449,000 01130(2009 Original: $515,000 Sale: - - 08/31/2009 Schools/Dlstrlcts 05105!2009 Elem: - -1 Los Gatos Union Elementary Middle: - - High: - -1 Los Gatos-Saratoga Joint Union High CH Showin Information Builder: Complex: Commission: 2.50% Management Information Assoc. Fee: $425 Assoc. Name: -- Assoc. Phone: - - Tour Information Tour 1: 02/18/2009 Assoc 1: SILVAR Tour 2: -- Assoc 2: - - Original: 02/18/2009 Remarks: -- g Occupant: -- Occupied By:Vacant Phone: - - Owner: THRONDSON, MARJORIE W Add'I Owner: - - Instructions: Combinatlon Key Box Open House Info No open house available Property Features Type Other Rooms UnltAmenfUea Condominium -- -- Map X-street: Hwy 9 Barclay: Pg:93 Hz: 29 Vt:52 Thomas Pg: 873 Grid; B7 Directions: -- Listing AgenUOffice Information Mark Von Kaenel (DRE#01189869) Von Kaenel & Associates Pref-Phone: Agent Fax: Office Phone: Office Fax: Email: http://www.vkaa.com Lat Descrlptlon 408-559.8355 408-559-8307 408-559-8355 408-559-8307 officeQvkaa.com GaragelParking 1 Car Carport Famllyroom Other Areas Llsting Includes Earthquake Fault Zone Style Dining Area in Family Laundry Area -Inside 1 Dishwasher Fault Zone-See Report -- Room 1 Refrigerator Fireplace Dryer Flood Area Roof Informal Dlning Area Fireplace Free Standing Flood Zone-See Report - - BreakfastNook RangelOven Fireplace Location Microwave Oven Floor Covering(S) Formal Dlning Area Fireplace In Family Window Coverings Tile ** Information contained on this report is designed for accuracy but is not guaranteed ** E%HIBIT 7 /~ 420 ALBERTO WY #31, Los Gatos 95032 (Los Gatos) DOM: 95 MLS: 80905052 i~ $449,000 Beds: 2 beds Baths: 2~0 baths No Formal Dining Area Room Washer Wall to Wal' •peting Cooktop Range Bedroom Descrlptlons Fireplace Descrlpllon 1 Master Bedroom Suite Wood Burning Fireplace Cooling Central Air Conditioning Bathroom Features Shower And Tub 1 Shower over Tub Shower 1 Stall Shower Energy Features Insulallon Foundation Tub 1 Tub Complex Description Ownership: Condominium Ownership Total Units: - - Buildings: Low Rise (1-3 Stories) Features: Pool Financial & Supporting Information: Heating Central Forced Air Heat Special Features Homeowner's Pratectlon Plan Unit Description Levels: Unit Location: Unit View: Total Loans: Commisston Type: Standard Disclosures Link: Cash to Assumable Loans:Current Rent: Exlsting Loan Monthly Payment: City Transfer Tax: Second Loan: N Current Taxes: New Terms: Third Loan: All Cash or Conventional Assoclatlon Fee Inclusions: LandscapinglGardening, Common Area Electricity Association Insurance Inclusions: Liability Documents: Special Information: Tax Records: Possession: 1 Level 2nd Floor Unil Neighborhood View Assoclatlon Fee: $425 Disclosures Username: Disclosures Password: Listing Agreement Scope: Listing Agreement Type: Exclusive Right to Sell(ER) Additional Listing Info; Not Applicable /Not Disclosed Year Built: Actual Lot Slze: Property Use Code: Data Source: 1970 1,104 112 First American Real Estate Solutions (FARES) Approx Sq Ft: Deed Number: Census Tract: Owner Of Record: 1,032 - - 5070013013 THRONDSON, MARJORIE Percent Improved: 2oning: Transfer Value: Mailing Address: 75% CH - - p . Assessed Value: Tax Rate Area: Tax Amount: $101,812 3191 $1,801.58 Listing History: ML5 ID Change Date Status COE Date Exp Date Llst OfflcelSale ONlce Llst PrlcelSale Price 80922160 08/08/2009 Cancelled 10!31/2009 Coldwell Banker (CBR.31) $425,000 80922160 05/29/2009 Active 10/31/2009 Coldwell Banker(CBR.31) $425,000 80922160 05105/2009 Active 10/3112009 Coldwell Banker (CBR.31) $439,000 80905052 05!0512009 Cancelled 08/31/2009 Von Kaenel & Associates (VK.1) $449,000 80905052 05/01/2009 Active 08/31/2009 Von KaenelBAssociates(VK.1) $449,000 80905052 05/01/2009 Expired 04/30/2009 Von Kaenel ~ Associates (VK.1) $449,000 ** Information contained on this report is designed for accuracy but is not guaranteed ** 80905052 04/06!2009 Active 04!30!2009 Von Kaenel & Assoc ; (VK.1) 80905052 03/27/2009 Active 04/30/2009 Von Kaenel & Associates (VK.1) 80905052 01!30!2009 Active 04/30/2009 Von Kaenel ~ Associates (VK.1) 89610943 07/03/1996 Sold 07!0211996 08/05/1996 Alain Pinel Realtors (APR .2) Elite Properties (LADY .1) 89610943 06/26/1996 Pend NS 07/02/1996 08/05/1996 Alain Pinel Realtors (APR .2) Elite Properties (l~0.DY .1) 89610943 06/03/1996 Pend Show 07/02/1996 08/05!1996 Alain Pinel Realtors (APR .2) Elite Properties (LADY .1) 89610943 06!0311996 Active 07/02/1996 08/05/1996 Alain Pinel Realtors (APR .2} 89610943 05/29/1996 Active 01/01/2001 08!0511996 Alain Pinel Realtors (APR .2) 89610943 04/18/1996 Active 01/01/2001 06/05/1996 Alain Pinel Realtors (APR.2) 89610943 03/08/1996 Active 01/01/2001 06/05/1996 Alain Pinel Realtors (APR .2) $449,000 $499,000 $515,000 $185,700 5180,000 $185,700 5185,700 5185,700 $185,700 5185,700 5189,900 . -, i tel. ~~ - "Information contained on this report is designed for accuracy but is not guaranteed *' ~~-~ ,-~. i ~ '' :.. ;;~ ~= j~~t~ ! ~ ~; {~ ~~_ :~_~=_ ;~ ** Information contained on this report is designed for accuracy but is not guaranteed ** Report rPN~ 420 ALBERTO WY #11, Las Gatos 95032 (Los Gatos) $442,000 Beds: 2 beds Baths: 2~0 baths Page 1 of 4 DOM:330 MLS:80951466 Property Overview Remarks 420 ALBERTO tlVY #1 i BEST location In well maintained,qulet complex w/ NO AGE restrictions. Upstairs unit patio overlooks Los Gatos Los Gatos 95032 ( ) pool,kitchNdining overlooks grass park-like area.No one below.Lightlbright, upgraded unit. Crown molding, decorator paint colors ihruout,pride in ownership) Private,no neighbors below. HOA's indude Los Gatos/Monte Sereno (Area 16} some uUlitles. LG schools, walk to downtown LG n bikingfiiking tralls.Great location all around)) Santa Clara County Private : 2hr notice b4 showing. Call agent to schetlule and ii you have any q-testions: Condominium (Class 2) Annie 408.375.1478 Unincorporated: No Dates City Limits: -- List: 10!28/2009 Original: 06/05!2009 Beds, Baths: 2, 2~0 Sale: 05!01!2010 Sq Ft: 1032 (Assessor} COE: 07!07!2010 Lot Size: 1,104 sq ft (Assessor) Expires: 05!1712010 OffMarkel: 05!18!2010 Yr Built /Age: 1970 / 40 years Parcel #: 529-43-032 Zone: CH Showing Information Occupant: - - Tract: Occupied By:Owner Builder: Phone: 408.375.1478 Complex: Pueblo de Los Gatos Owner: FOLEY, CATHERINE Add (Owner: - - Commission: 2.50°~ Supra Keysafe, Restricted Management Information Assoc Fee: $425 Instructions: Hours, Call First-Then . Keysafe, Cail Listing Assoc. Name: - - Agent 11/04/2009 Best location in complex Property Features Open House Info No open house available Pricing Lisi: $442,000 Original: $449,000 Sale: - - 5choolslDistricts Elam: - -! Los Gatos Union Elementary Middle: -- High: --/ Los Gatos-Saratoga Joint Union High Map X-street: Los Gatos Saratoga Rd Barclay: Pg: 93 Hz: 29 VC 52 Thomas Pg:873 Grid: 67 Directions: -- Listing Agent/Office Information Anne Marla F. Baker (DRE#01831701) Sereno Group Pref-Phone: 408-335-1400 Agent Fax: 408-335-1478 Office Phone: 408-335-1400 Office Fax: 408-399-7200 Email: annie@serenogroup.com http:/lwww.moving location s.com Type Other Rooms UnitAmenlties Lot Description GaragelParking Condominium -- -- -- 1 CarCarport Familyroom Other Areas Listing Includes Earthquake Fault Zone Style No Family Room Laundry Area -Inside 1 Dishwasher Fault Zone-See Report - - Informal Dlning Area Flreplace Cooling Flood Area Roof No informal Dining Area Fireplace Central Air Conditioning Flood Zone-See Report - - Formai Dlning Area Flreplace Location Heating Floor Covering(s) No Formal Dining Area Fireplace in Living Room Central Forced Air Heat Area Carpeting Tile Bedroom Descriptions Flreplace Description Special Features 1 Master Bedroom Suite Gas Log Only Fireplace - - https://pro.misl istings.com/Reports/GetPDF.aspx?ContentType=html&AutoPrint=true&te... 6/ 18/2010 Report Bathroom Features Energy Features Shower And Tub Insulation Shower Foundation 1 Stall Shower -- Tub 1 Tub Homeowner's Protection Plan Complex Description Unit Description Ownership:Condominium Ownership Levels: Total Units:- - Unit Location: Buildings: Low Rise {1-3 Stories) Unit View: Features: Clubhouse/Recreation Room, Exercise Room, Pool, Cable TV Financial & Supporting Information Cash to Assumable Loans:Current Rent: Existing Loan: - Conventional Loan Monthly Payment: City Transfer Tax: Second Loan: N Current Taxes: New Terms: Third Loan: All Cash or Conventional Total Loans: Possession: COE Association Fee: 5425 Page 2 of 4 1 Level 2nd Floor Unit Commission Type: Unconfirmed Comp. Disclosures Link: Disclosures Username: Disclosures Password: Listing Agreement Scope: Listing Agreement Type: Exclusive Right to Sell(ER} Additional Listing Info: Not Applicable /Not DisGosed Association Fee Inclusions: Hot Water, LandscapinglGardening, PoolslSpa/Tennis, Roof, Sewer, Cable TV, Water, Common Area Electricity, Garbage Association Insurance Inclusions: Common Area Only, Liability, Unit Coverage Documents: GeologiceVFlood Report, Preliminary Title Report, Real Estate (TDS) Special Information: Tax Records: Data Source: First American Real Estate Solutions (FARES) Owner Of Record: FOLEY, CATHERINE Mailing Address: 420 ALBERTO WAY 00001 LOS GATOS, CA 95032-5409 Listing History: 80951466 05/18/2010 Pend NS 80951466 05/01!2010 Pend Rel 80951466 02124!2010 Active 80951466 02/24/2010 Active 80951466 02123!2010 Expired 80951466 02123!2010 Expired 80951466 10!3012009 Active 80927488 10!26!2009 Cancelled 80927488 06!0512009 Active Year Built: Actual Lot Size: Property Use Code: 1970 1,104 112 Approx Sq Ft: Deed Number: Census Tract: 1,032 -- 5070013013 Percentlmproved: Zoning: Transfer Value: 50% CH - - Assessed Value: Tax Rate Area: Tax Amount: 5453,536 3191 $5,772.62 C E Da a Ex° Dale List OfflcelSale Office 07!07/2010 05!17/2010 Sereno Group (SGP.1) 07/07!2010 05/1712010 Sereno Group (SGP.1) 05/17/2010 Sereno Group (SGP.1) 05117!2010 Sereno Group (SGP.1) 05/17!2010 Sereno Group {SGP.1) 02/22/2010 Sereno Group (SGP.1) 02/22/2010 Sereno Group (SGP.1) 12/05/2009 Keller Williams San Jose Gateway (KWSV.2) 12/05/2009 Keller Williams San Jose Gateway (KWSV.2) 80390538 06!08/2004 Sold 06!0812004 Golden Bay Properties (gbp.1) 80390538 05/25/2004 Pend NS 06!0412004 Llat PricelSale Price $442,000 $442,000 $442,000 $449,000 $449,000 $449,000 $449,000 $468,888 $468,888 $419,000 https://pro.mislistings.com/Reports/GetPDF.aspx?ContentType=html&AutoPrint=true&te... 6/18/2010 Report Page 3 of 4 80390538 05/2012004 Pend Show 06/03/2004 80390538 04/15/2004 Active 07!15!2004 Alain Pinel Realtors (APR.6) $419,000 80349854 10130/2003 Sold Intero Real Estate Services (NTER0.6) $370,000 80349854 09/27/2003 Pend NS 10/29/2003 80349854 09/03!2003 Active 01!0312004 Intero Real Estate Services (NTER0.4) $379,000 89933814 10/20/1999 Sold 09/30/1999 09/30!1999 Out of Area Office (RCIP .1) $314,888 Alain Pinel Realtors (APR .2) $300,000 89933814 09/10/1999 Pend NS 09!3011999 09/30/1999 Out of Area Office (RCIP .1) $314,888 89933814 09101!1999 Active 01/01/2001 09/30/1999 Out of Area Office (RCIP .1) $314,888 89933814 07/29/1999 Active 01/01/2001 09/30/1999 Out of Area Office (RCIP .1) $325,000 89410144 08/05/1994 Cancelled 01/01/2001 10/18/1994 (FOXLG.1) $179,950 89410144 07118/1994 Active 01!0112001 10!18/1994 (FOXLG.1) $179,950 89410144 06!01!1994 Active 01/01/2001 07/18/1994 (FOXLG.1) $179,950 89410144 04!19/1994 Active 01/01/2001 07!18/1994 (FOXLG.1) $186,000 Images: https://pro.mislistings.com/Reports/GetPDF.aspx?ContentType=html&AutoPrint=true&te... 6/18/2010 Report "Information contained on this report Is designed Ior accuracy but Is not guaranteed " Page 4 of 4 https://pro.mislistings.com/Reports/GetPDF.aspx?ContentType=html&AutoPrint=true&te... 6/18/2010 Property Overview 14225 LORA DR #67 Los Gatos (Los Gatos) 95032 Los Gatos/Monte Sereno (Area 16) Santa Clara County Condominium (Class 2) Unincorporated' No Remarks Charming Studio In Well Maintained Complex! Light & bright floor plan, terrific views of courtyards, full bathroom with shower and tub. Clean and ready to move in or a terrific investment property. Private : NO REPORTS'ALL BUYERS MUST BE PRE-QUALIFIED WJBOA 84 SUBMITTING AN OFFER NO EXCEPTIONS'EMAIL ?'S & CONTRACTS TO ADDIE at AGRILLI@INTEROREALESTATE.COM 408.342-3103`PLEASE DON'T CALL'EMAIL FOR QUICK RESPONSE' Free Crd Rpt & Appr if buyer uses BofA Dates City Limits: -- List: Beds, Baths: 5tudio,1~0 Ori inal• Sq Ft: Lot Size: Yr Built /Age: Parcel #: Zone: Tract: Builder: Complex: 786 (Assessor) 9 Sale: 2,178 sq ft (Assessor)COE: 1963147 years Expires: 409-51-067 OffMarket: R18 Commission: 3.50% Management Information Assoc. Fee: $285 Assoc. Name: -- Assoc. Phone: - - Tour Information Tour 1: Assoc 1: Tour 2: Assoc 2: Original: Remarks: Property Features Type Condominium Familyroom Na Family Room Informal Dining Area Eat in Kitchen Pricing 05/17!2010 List: $171,900 05/17/2010 Original: $179,900 Sale: - - SchoolslDistricts 09/01/2010 Elem: - -!Campbell Union Elementary Middle: - - High: - -/Campbell Union High Showing Information Map Occupant: GO DIRECT X-street: Wedgewood Occupied By:Vacant Barclay: Pg: - - Hz: 0 Vt: 0 Phone: - - Thomas Pg: 873 Grid: B2 Owner: FEDERAL NATL MTG Directions: - - ASSN FNMA Add'I Owner: - - Instructions: Supra Keysafe, Go Direct Open House Info Listing AgentlOffice Information -- No open house available Dominic Nicoli - - (DRE#01112681) -- Intero Real Estate Services - - Pref-Phone: 650-947-4787 - - Agent Fax: 650-963-3200 - - Office Phone: 650-947-4700 Office Fax: 650-947-4799 Email: dnicoli@interorealestate.com http:l/vnvw.thenicoligroup.com Other Rooms Unlt Amenltles Lot Descrlptlon GaragelParking - - - - - Guest Parking Off Street Parking Other Areas Llsting Includes Earthquake Fault Zone -- 1 Refrigerator Fault Zone-See Report Style Built-In Oven/Range - - Flreplace Combo Flood Area No Fireplace Microwave Oven Flood Zone-See Report Roof Formal Dining Area Fireplace Location Cooling Floor Covering(S) No Formal Dining Area - - No Cooling - - ** Information contained on this report is designed for accuracy but is not guaranteed ** 14225 LORA DR #67, Los Gatos 95032 (Los Gatos) $171,900 Beds: Studio beds Baths: 1~0 baths DOM; 28 MLS: 81024381 Bedroom Descriptions Fireplace Description Bathroom Features Energy Features Shower And Tub Insulation 1 Shower over Tub - - Shower Foundation No Stall Shower -- Heating Wall Furnace Special Features Homeowner's Protection Plan Tub 1 Tub Complex Description Unit Description Ownership:Condominium Ownership Levels: Total Units:51-100 Units Unit Location: Buildings: Low Rise (1-3 Stories) Unit View: Additional Storage, Elevator(s), Exercise Room, Features: Laundry Facility -Coin-Op, Pet Restrictions, Barbecue Area, Cable TV Financial & Supporting Information: Cash to Assumable Loans:Current Rent Monthly Payment: City Transfer Tax: N Current Taxes: New Terms: All Cash or Conventional Existing Loan: Total Loans: Possession: Disclosures Username: Second Loan: Third Loan: 1 Level 2nd Floor Unit Neighborhood View Commission Type: Standard Disclosures Link: Disclosures Password: Association Fee: Listing Agreement Scope: $285 Full Service Listing Agreement Type: Exclusive Right to Sell(ER) Additional Listing Info: REO /Bank Owned Property Association Fee Inclusions: Landscaping/Gardening, Professional Management, Reserve Fund, Unit Yard Maintenance, Water, Garbage Association Insurance Inclusions: Common Area Only Documents: Special Information: Tax Records: Oata Source: First American Real Estate Solutions (FARES) Owner Of Record: FEDERAL NATL MTG ASSN FNMA Mailing Address: 0- Listing History: Year Built: Actual Lot Size: Property Use Code: 1963 2,178 112 Approx Sq Ft: Deed Number: Census Tract: 786 -- 5072053002 Percent Improved: Zoning: Transfer Value: 49°1o R18 $303,099 Assessed Value: Tax Rate Area: Tax Amount: $243,800 3003 $3,329.18 MLS ID Change Date Status COE Date Exp Date Llst OfflcelSale Office Llst PrlcelSale Price 81024381 06/04/2010 Active 09!01/2010 Intern Real Estate Services (NTER0.7) $171,900 81024381 05/17/2010 Active 08/1112010 Intern Real Estate Services (NTER0.7) $179,900 80914371 03/21/2010 Expired 03/20/2010 Century 21-Alpha (C2149.2) $150,000 80914371 01/12/2010 Withdrawn 03!2012010 Century 21-Alpha (C2149.2) $150,000 80914371 01/12/2010 Active 03/20/2010 Century 21-Alpha (C2149.2) $150,000 '* Information contained ou this report is designed for accuracy but is not guaranteed ** 80914371 12/28!2009 Pend Rel 04/30/2010 03/20/2010 Century 21-Alpha (C2149.2) $150,000 80914371 12116!2009 Active 03!2012010 Century 21-Alpha (C2149.2) $150,000 80914371 08/24/2009 Active 03/20/2010 Century 21-Alpha (C2149.2) $175,000 80914371 08/19!2009 Active 03120/2010 Century 21-Alpha (C2149.2) 5198,888 80914371 07/16/2009 Active 03/20/2010 Century 21-Alpha (C2149.2) 5209,888 80914371 03/21/2009 Active 03!20/2010 Century 21-Alpha (C2149.2) $239,888 80907959 03/21/2009 Cancelled 02/13/2010 Century 21-Alpha (C2149.2) $239,888 80907959 02/14/2009 Active 02/13/2010 Century 21-Alpha (C2149.2) $239,888 80844071 02/01/2009 Expired 01131!2009 Century 21-Alpha (C2149.2) $239,888 80844071 11/10/2008 Active 01/31/2009 Century2l-Alpha(C2149.2) $239,888 80844071 11/06/2008 Active 01/31/2009 Century 21-Alpha (C2149.2) 5249,888 80812123 11/04/2008 Cancelled 01/31/2009 Century2l-Alpha(C2149.2) 5249,888 80812123 08/16!2008 Active 01/31/2009 Century2l-Alpha (C2149.2) $249,888 80812123 07/18/2008 Active 01/31/2009 Century 21-Alpha (C2149.2) 5254,888 80812123 07/18/2008 Active 09112!2008 Century 21-Alpha (C2149.2) 5254,888 80812123 06/19/2008 Active 09/12!2008 Century 21-Alpha (C2149.2) $269,888 80812123 05/30/2008 Active 09/12/2008 Century 21-Alpha (C2149.2) 5284,888 80784410 05/29/2008 Cancelled 09!12/2008 Century 21-Alpha (C2149.2) 5284,888 80784410 03/13/2008 Active 09/12/2008 Century 21-Alpha (C2149.2) $284,888 80611947 05/11/2006 Sold 05/09/2006 Vanguard Realtors ($0229,1) $265,000 80611947 04/07/2006 Pend Show 05/16/2006 80611947 03/24/2006 Active 80611947 03114/2006 Pend Show 04121!2006 80611947 03/03/2006 Active 06/01/2006 Better Homes Realty (SBPM.1) $279,000 80568692 02!26/2006 Expired 80568692 02!17/2006 Active 5279,000 80568692 11!25/2005 Active 02/25/2006 AI Cook Realty (ACOOK.1) $289,000 ** Information contai~ied on this report is designed for accuracy but is not guaranteed ** ~~ ** Information contained on this report is designed for accuracy but is not guaranteed ** ~~ Exhibit A TOWN OF LOS GATOS BELOW IVIARKET PRICE HOUSING PROGRA~'~I GUIDELhIES Purpose A. Purpose: The overall purpose of the Below Market Price (BMP) Housing Program is to provide the Town of Los Gatos with a supply of affordable housing. While the program is available to all qualified applicants, the general intent of the program is to provide affordable housing for households who work or currently live in Los Gatos. The main goal. is to increase the housing supply for households that have median and low incomes compared to the median income for Santa Clara County and meet the housing needs identified in the Town's General Plan Housing Element. The Program further intends to ensure, to the greatest extent possible, that rent and re-sale of these housing units will remain affordable to median and low income levels in perpetuity. Although the Town has afee-in- lieu of constructing actual units option for defined circumstances, the primary objective of the BMP Program is to obtain actual "rental" or "for sale" housing units rather than equivalent funds. All off-site BMP units shall be constructed within the Town of Los Gatos. The construction and occupancy of the BMP unit is determined according to these Town Council established guidelines and Ordinance No. 2009- B. Enabling Legislation: The Below Market Price Program is governed by Division 6 of the Town Code. The BMP Program is administered under these Below Market Price Housing Program Guidelines. II. Below Market Price Housing Requirements -General A. Applicability: The Bi~iP Program requirements shall apply to all residential development projects that include five (5) or more residential units or parcels which involve: New construction of ownership or rental housing units, including mixed use developments and addition of units to existing projects, or Subdivision of property for single family or duplex housing development, or Conversion of rental apartments to condominiums or other common interest ownership, or Conversion of non-residential use to residential use. B. Number of BiyiP Units: All residential developments consisting of five (~) or more units are required to participate in the BMP Program. The requirements for participation increase by development size as shown below: B~1P Guidelines Page 1 E%HIBIT 8 1. Five (~) to Nineteen 19 market rate units: The developer shall provide a minimum number of B~iP units equal to ten (10) percent of the number of market rate units. 2. Twenty (20) to one hundred (100) market rates units: The developer shall provide a minimum of BMP units as determined by the following formula: Number of B~fP units = (.22~ x total # of market rate units) - 2.5 This formula acts to increase the number of B~tP units required, as a percentage of market-rate units, from 10% to 20% over the range of 20 to 100 market rate units. 3. One hundred and one (101) units or more: The developer shall provide a minimum number of BMP units equal to twenty (20) percent of the number of market rate units. BMP dwellings within a project of rental units shall also be rental units. BNiP units within a project ofowner-occupied units shall also be designated as units for purchase. Bv1P units within a project that contains both rental and owner- occupied units shall also be designated as both rental and as units for purchase, in a ratio similar to that of the market rate units. The Town and developer may negotiate to provide.more BIviP units than required by the rules listed in these guidelines to fulfill a development's Community Benefit requirements. C. Fraction of a BMP Housing Units: In determining the number of BMP units required, any decimal fraction of .5 or above shall be rounded up to the nearest whole number. D. Residential In-Lieu Payments: The general intent of the BMP Program is to provide the Town of Los Gatos with a supply of affordable housing for households who work or currently live in Los Gatos. However, there may be circumstances when the construction of the BMP unit is impractical or there are unusual circumstances that make the construction of the unit inconsistent w7th Town policy. The Town, at its sole discretion, may consider an in-lieu payment alternative to the required BMP unit in the case of Planned Unit development with an underlying zone of HR or a residential developments with five (~) to nine (9) units. Prior to approving the in-lieu fee alternative, the applicant must demonstrate to the satisfaction of the Town why a BL1P unit cannot be (1) developed on the same site as the market rate units, and if it cannot be provided on the same site then, (2) develop at an appropriate off-site location within the Town limits. If the developer provides sufficient justification that both of these alternatives are not viable, then a fee in-lieu option may be considered. The required in-lieu fee is as established by a separate resolution and is to be paid to the Town prior to issuance of the certificate of occupancy for the market rate BMP Guidelines Page 2 residential unit that triggered the BMP requirement. The provision for a Bi/iP unit applies if the project is built under the rules of an overlay zone unless the rules of the overlay zone provide otherwise. The in-lieu fee shall be equal to the amount of six (6) percent of the building permit valuation for the entire project. The total building permit valuation shall be determined by the Town Building Official. Fees shall be paid prior to or at time of final occupancy as follows: Multi-Family Owner Occupied Developments: Prior to occupancy of each phase, a proportional amount of fees shall be paid, as determined during the Planning approval process. Multi-Family Renter Occupied Developments: Prior to occupancy of each phase, a proportional amount of fees shall be paid, as determined during the Planning approval process. Single-Family Planned Developments: At time of final occupancy for each unit. E. Housing Fund: In-lieu fees will be deposited into the Town's Affordable Housing Fund. Applications and or recommendations for use of remaining funds will be reviewed as received. Possible use of the funds include, but is not limited to, the following: 1. Subsidizing the cost of owner occupied units to make them affordable to low/moderate income households 2. Purchasing rental units to make them affordable to low/moderate income households 3. Purchasing land for the future development of affordable housing 4. Developing affordable housing 5. Supplementing of affordable housing projects developed through the Los Gatos Redevelopment Agency 6. Funding administration of the program, as approved by the Town Council in its annual budget process F. Off-Site Construction: The Town Council may consider off=site construction of BMP units for continuum care facilities and for Hillside Residential (HR) Zone District and residential developments with five (5) to nine (9) units projects that have provided sufficient justification to the Town that an on-site BMP unit is not viable. G. Phasing of the Construction of On- and Off-Site BiVtP Units On- and off-site BMP units shall be constructed and Certificate of Occupancies secured concurrently with or prior to the construction of the market-rate units. The Biv1P requirement will be calculated on the basis of the whole development. The Town Council may grant an exception to these phasing requirements during the Planned Biv1P Guidelines Page 3 Development project approval process for condominium conversion developments. H. Affordability Agreement: The developer of "for sale" B~iP units shall enter into an affordability agreement with the Town. The agreement will ensure that the BViP units are sold to qualified buyers and will be released by the Town through the escrow process once the BIvIP is sold to a qualified buyer. III. Characteristics of BitiiP Units A. Size of units: The size and design of BMP dwelling units shall be reasonably consistent with the market rate units in the project. The Town and developer may negotiate regarding the size of units if more units than required are to be provided under the Community Benefit requirements. BMP units should be provided proportionately in the same unit type mix (number of bedrooms) as the market rate units. In consideration of the household size of the households on the current program interest list, the Town and developer may negotiate to provide a greater proportion of a particular unit type. There shall not be significant identifiable difference between the BMP and market-rate units visible from the exterior. The size and design of the BMP units must be reasonably consistent with the mazket- rate units in the development. B Location of units: BMP units shall be dispersed throughout the development, to the extent feasible; in all buildings, on each floor, and in each project phase. A concentration of BNiP units in one location is not desirable and will generally not be allowed. C. Finish of units: The external appearance of BMP units should be indiscernible to that of the market rate units in the project. The internal finish of BMP units should be identical to that of the market rate units in the project, except that the developer may request Town approval of substitutions for luxury interior finishes, appliances, or fixtures, if such substitutions do not violate any Town code requirement. D. Project Facilities: All project facilities and amenities, including pazking, must be available on the same basis to the BMP units as to the market rate units in the project, to the extent feasible. N. The B~iP Unit Purchase Process; Buyer Selection, and Biv1P Unit Sale and Resale Procedures. A. Owner Occupied Units 1. Applicant Eligibility B~1P Guidelines Page 4 a. Household Income: In order to be eligible to purchase anowner- occupied BIVIP unit, an applicant's annual household income must be no greater than 100% of the Median Family Income (MFI), adjusted for household size, as defined by the United States Department of Housing and Urban Development (HUD) for the San Jose, CA Primary Metropolitan Statistical Area (PMSA). Household assets, such as real property, may also be considered in determining eligibility. b. Housin Costs: In order to be eligible to purchase anowner- occupied BMP unit, an applicant must also demonstrate the ability to pay monthly housing costs. The monthly housing cost shall include the following factors: 1. unit price 2. current lending rates 3. estimated property taxes 4. estimated homeowner's insurance costs homeowners' association fees, if applicable 5. other expenses as determined necessary by the lender c. All persons must qualify for their own mortgage without assistance from the Town. Qualifications must include the ability to pay taxes, insurance, closing costs and any homeowner association fees in addition to the mortgage. 2. First Time Home Bugs: The Below Market Price (BMP) Program is for First Time Home Buyers. A First Time Home Buyer, by definition, is an applicant whose name has not appeared on a residential title in the counties covered by the Association of Bay Area Governments (ABAG) or Association of Monterey Bay Governments (AMBAG) which are Alameda, Contra Costa, Marin, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano and Sonoma for at least three (3) years prior to application. Exception is made for people who were homeowners prior to a divorce settlement and tenants residing in a rental apartment proposed to be converted to a condominium or other common interest ownership prior to a Notice of Intent to Convert the development to an ownership residential unit. B. Buyer Selection: A point system is used to establish a ranking of applicants for the purchase of an available unit. Applicants will be ranked according to total points and must have at least one point to be eligible to purchase a unit. In addition, applicant households must contain at least the same number of persons as the number of bedrooms in a unit, at the time of application, in order to be eligible to purchase that unit, if the unit contains three bedrooms or more. BLiP Guidelines Page 5 All points are calculated per household, not for each individual within the household. For example, a household in which two members are senior citizens would receive six points for senior citizen status, not twelve points for t~vo members having senior citizen status. Points are awarded as follows: 1. Sis points: a. Senior citizens who reside in the Town at the time of application and have lived in the Town for at least the prior two years. A senior citizen is defined as any person 62 years of age or older at time of application or married couples living together when at least one spouse is 62 years of age or older at time of application. b. Senior Citizens who have lived in the Town for at least two years and have moved out of the Town within the last five years prior to the time of application. c. Disabled persons who reside in the Town at the time of application and who have lived in the Town for at least the prior two years. The definition of "disabled" for the purpose of assigning points under this section shall be that used by the U.S. Social Security Administration for the purpose of determining eligibility for Social Security disability benefits. d. Households required to relocate their residence as a result of Council action or mobile home park closure. e. Regular Full-Time and Regular Part-Time Town employees as defined in the Town's Personnel Rules, who have been employed by the Town for a period of no less than 12 months prior to the time of application. f. Single heads of household with dependent children who reside in the Town at the time of application and have lived in the Town for at least the prior two years. 2. Four points: a. Persons who live in the Town of Los Gatos at time of application and who have lived in the Town at least the prior tw•o years. b. Persons who work in the Town of Los Gatos at time of application and have worked in the Town for at least the prior two years. 3. Two points: BtiiP Guidelines Page 6 a. Households who have lived in the Town for at least 10 years and have moved out within the last ten years prior to the time of application. b. Household size is worth two points per person. 4. One point: a. Households who live or work within Santa Clara County at the time of application. b. Households with an annual household income at or below 60% of the Median Family Income (MFI), adjusted for household size, as defined by the United States Department of Housing and Urban Development (HUD) for the San Jose, CA Primary Metropolitan Statistical Area (PMSA). 5. A lottery will be used to rank each qualified applicant in the case of a tie. 6. Applicants are provided the opportunity to purchase available units in order of point ranking, from mast points to least points. An applicant has two opportunities to refuse to purchase a unit before being removed from the current applicant pool. 7. Applicants who do not qualify for a particular project or who are not provided the opportunity to purchase a unit in a particular project shall retain their eligibility to apply for future projects. 8. An applicant must obtain pre-approval for a mortgage loan within one week after notification of eligibility to purchase a unit. The applicant must submit documentation of loan approval within three weeks of notification of eligibility to purchase a unit. Exception to the Buyer Selection Process: An exception to the Buyer Selection Process may be granted to a resident of a rental apartment that is proposed to be converted to an "owner occupied" condominium or other common interest ownership development. In order to qualify for the exception, the resident must have resided in the rental apartment prior to the issuance of the Notice of Intent to Convert the development to an ownership project and shall meet the financial eligibility requirements to qualify for a BMP unit. The resident shall be provided first right of refusal, regardless of point ranking, for units in the following order: a. The unit they reside in if it is designated as a BMP unit. b. Any other available BMP oral. B[~II' Guidelines Page 7 C. Determination of Initial Selline Price: B~iP units shall be priced to be affordable to households in two income categories: Median Income Households (those whose income is above 80%, but no greater than 100%, of the County Median Income); and Low Income Households (those whose income is above ~0%, but no greater than 80%, of the County tiledian Income). 1. Fifty percent (~0%) of the units in a project shall be priced to be affordable to Median Income Households; fifty percent (50%) shall be priced to be affordable to Low Income Households. Whenever the calculations result in fractional units, then the number of units priced to be affordable to Low Income Households shall be rounded up to the neat whole number, and the number of units priced to be affordable to Median Income Households shall be rounded down to the next whole number, including zero (0). The following table applies this formula to projects with 1, 2, and 3 units: Total Number of BMP Units in Project Units Priced for Low Income Households Units Priced for Median Income Households 1 1 0 2 1 1 3 2 1 The Town and developer may negotiate regarding the affordability mix of units, to fulfill a development's Community Benefit requirements. The affordability level of a unit shall be for the purpose of setting the initial selling price only, and do not prevent its sale to any household eligible to purchase anowner-occupied BIViP unit, as set forth in these Guidelines. 2. Annually, the Town shall set the initial unit sales price for each unit type (number of bedrooms), for each of the two income categories. These initial sales prices shall be set using the most recent 14fedian Family Income (MFI) figures from the United States Department of Housing and Urban Development (HUD) for the San Jose, CA Primary iVletropolitan Statistical Area (PivISA), and through the following calculations: a. For units to be priced to be affordable to Median Income Households: the average of the 100% ~1FI annual income and the 80% IVfFI annual income (assuming household size appropriate to size of unit) x IVlultiplier =Initial Sales Price. B;ViP Guidelines Page 8 Assumptions of household size by size of unit are as follows: Household Size Studio 1 1 Bedroom 1 2 Bedroom 2 3 Bedroom 3 4 Bedroom 4 These assumptions of household size by size of unit shall be for the purpose of setting the initial sales price only, and do not prevent the sale of any unit to any household eligible to purchase anowner-occupied BMP unit, as set forth in these Guidelines. b. For units to be priced to be affordable to Low Income Households: the average of the 80% MFI annual income and the 50% annual income (assuming household size appropriate to size of unit) x Multiplier =Initial Sales Price. c. Calculation of Multiplier. A Multiplier shall be calculated, based on reasonable assumptions about unit sales prices, based on the most recent comparable sales of BMP units; current lending rates, as determined by the most recent Primary Mortgage Market Survey (PNI11~iS) conducted by the Federal Home Loan Mortgage Corporation (Freddie lV1ac); and related costs; and using the following formula: Determination of Total Housing Cost: Sample sales price - 10% down payment =mortgage. Annual debt service on mortgage + annual property taxes + annual homeowners fees + annual private mortgage insurance (PMI) =Total Annual Housing Cost. 2. Determination of Minimum Household Income: Assuming one-third of household income goes for housing expenses, Total Annual Housing Cost x 3 =Minimum Annual Household Income. 3. Determination of Multiplier: Sample Sales Price/I/finimum Annual Household Income =Multiplier. Bti1P Guidelines Page 9 Copies of the initial sales prices, and the calculations made, shall be available on request from the Town's Community Development Department. D. Deed Restrictions: Council approved Deed Restrictions shall be recorded with each Below Market Price dwelling unit. E. Resale of Units: 1. If the owner elects to sell his/her unit, the Town must be notified in writing by the owner. 2 When a Below Market Price dwelling unit becomes available for resale, the Town shall set the resale price and make the unit available for purchase through the BMP process. 3 The Town determines the resale price in accordance with the deed restriction recorded on the property. F. Occupancy of Units: Consistent with the deed restriction that will be recorded on the subject property, the household purchasing a BMP unit must occupy the unit as his or her primary residence during his or her ownership of said unit. V. Requirements for BV><P Rental Development A. Administration: The program shall be administered by the Town or its designee. B. Applicant Eligibility Household Income: In order to be eligible to rent a BMP rental unit, a household's annual income must be no greater than 80% of the Median Family Income (tiiFI), adjusted for household size, as defined by the United States Department of Housing and Urban Development (HUD) for the San Jose, CA Primary Metropolitan Statistical Area (PMSA). Priority will be given to those households whose income is less than 50% of the )vtFI. Household assets may also be considered in determining eligibility. 2. Ability to Pav Rent: A tenant's ability to pay monthly rent will also be considered in determining tenant eligibility. C. Tenant Selection: The property owner or manager of the development shall market the B~iP unit(s), and solicit rental applications. Applications from tenants selected by property owner or manager will be forwarded to Town or designee for verification of income eligibility. BiVtP Guidelines Page 10 D. Management BMP rental units shall be managed by the property owner or manager in the same manner as other units in the development. 2. Tenants of BMP rental units are eligible to receive conciliation and mediation services provided through the Town's Rental Dispute Resolution Program except as they regard rent increases. E. Unit Rents: Rents may not exceed 80% of the most current Fair Market Rents as determined by the Santa Clara County Housing Authority. F. Annual Review: If a tenant's income increases so that it falls between 80 and 100 percent of MFI, then the rent may be increased in accordance with the Town's Rental Dispute Ordinance; and the unit shall still be considered a BMP Rental Unit. However, if a tenant's income exceeds 100 percent of MFI, the rent may be increased to the average rent of similar units in the complex; in this latter case, the unit will no longer be a BMP unit and the next available unit that is comparable in size shall be designated as a BMP unit in its place, and must be rented to an eligible household so that the number of BMP units within the project remains the same. G. Deed Restrictions: Council approved Deed Restrictions shall be recorded for each Below Ivlazket Price rental dwelling unit. V 1. RENTAL UNITS -NEW SECOND DWELLING UNITS A. Administration: The program shall be administered by the Town or its designee. B. Second Unit Incentive Program: 29.10.310 of the Town Code, may choose to participate in the Second Unit Incentive Program (SUIP) as referenced in Section 29.10.320(a) of the Town Code and as set forth below. The SUIP consists of a no interest construction loan to a property owner who intends to develop a new second unit. The loan amount shall be determined based on the square foot construction cost as set forth in the current version Uniform Building Code as adopted by the Town for new construction and remodels. The loan amount will be calculated at 100% of the construction cost if the unit is income and rent restricted to serve households with incomes below 50% of the Median Family Income (MFI), adjusted for household size, as defined by the United States Department of Housing and Urban Development (HLTD) for the San Jose, CA Primary Metropolitan Statistical Area (PIVISA), or 80% of the construction cost if the unit is income and rent restricted to serve households with incomes below 80% of MFI. BLIP Guidelines Page 1 I 2. When a property owner participates in the SUIP, a deed restriction shall be recorded on the property. The deed restriction shall stipulate the rental rate, tenant income level, duration of affordability and loan repayment requirement as well as any other criteria as determined appropriate by the Town. 3. A SUIP loan to construct a second unit within the Central Los Gatos Redevelopment Project azea shall be funded using Redevelopment Affordable Housing Funds and shall remain affordable for 5~ years. A SUIP loan to construct a second unit outside the Central Los Gatos Redevelopment Project azea shall be funded using BMP Program Funds and shall remain affordable for 30 years. The SUIP affordability restrictions as set forth in this section may only be amended by action of the Town Council. 4. A tenant's ability to pay monthly rent will also be considered in determining tenant eligibility. Applications from tenants selected by the property owner or manager will be forwarded to the Town or its agent for verification of income eligibility. Rental agreements shall be submitted to the Town or its agent to verify compliance with the provisions of this section. Tenants are eligible to receive conciliation and mediation services provided through the Town's Rental Dispute Resolution Program except as they regard rent increases. Units targeted to households with incomes up to 80% of the Median Family Income (MFI) shall have rents restricted to 80% of Fair Market Rents as determined by the Santa Clara County Housing Authority. Units targeted to households with incomes up to 50% of CMI shall have rents restricted to 50% of Fair Mazket Rents as determined by the Santa Clara County Housing Authority. Tenant rents and incomes will be monitored annually. (Adopted by Resolution 2009- September , 2009) N:IDEWOEL\OItDINANCE A~~fENDbtEN'I'S~B~1P Progr~n Guidelines Final.doc BiViP Guidelines Page l2 September 1, 2010 Los Gatos Town Council 110 E. Nlain Los Gatos, California 9030 l~car Council ~~Iembers, 7EP ". -- LU10 N U1= t_OS GA70S C~dNIi~~IG DIVISIOi~ ~hhank ~~ou for the opportunity to share my thoughts about the Blue laird l_aize project on Los Gatos Boulevard. 1 watched as this issue ~yent before the Planning Commission and they approved the developer's request to have Below Market I lousing units placed oft site. It was quite surprising to me that no one questioned this request and that they passed lIl Una1111110L1S1V. NIy husband and 1 live at 420 Alberto Way, where the developer has purchased ttvo units to satisfy their Belo~~~ 1\~Iarket Price housing requirement It is my understanding that our General Plan strongly encourages Belo~~~ Market Price housing units Ue kept on site of a proposed development 1 am asking that you deny their request to relocate their BN1P twits offsite. It seems to me that their request is not in keeping tiyith the spirit of the General Plan for our Town and defeats the intended purpose of the BMP housing police. 420 Alberto bVay already represents entry-level housing for the Town, and the BNIP program should be providing a greater diversity of affordable housing, not consolidating it all in one location. What is to prevent ftlhn•e developers for consolidating their [3 NIP units in our complex? I am definitely in favor of the B!~~IP program in our io~~~n, but believe the developer should be held to the standards in the General Plan and keep the units on their subdivision/situ as originally approved. ft is not fair for lhosc of us ~yho reside at Pueblo de Los Gatos and respeclhllly ask that you deny the developers request to place B~~IP units olfsite. 1 hope you will weigh the concerns of existing residents against the desires of the developer. Thank you for your lime and service to the To~yn. Regards, Susan 1_ove 105-314-053 slovc<<i~hiddenvilla.org; selove05~«~gmaiLcom Attachment 5 T111S P.1 GI. LEI-,7- BL.1.\-ti