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RESOLUTION 2014 -056 <br />RESOLUTION OF THE TOWN COUNCIL <br />OF THE TOWN OF LOS GATOS <br />AUTHORIZING THE SALE OF A BELOW MARKET PRICE (BMP) <br />RENTAL UNIT LOCATED AT 576 W. PARR AVENUE, <br />LOS GATOS, CA, APN 406 -43 -057, <br />UNDER THE TERMS AND CONDITIONS OF THE <br />TOWN'S BMP HOUSING PROGRAM, <br />WHEREAS, the Town of Los Gatos Zoning Ordinance Sections 29.10.3000 through <br />29.10.2040 establishes a Below Market Price (BMP) Housing Program to assist low and moderate <br />income Los Gatos citizens purchase homes at prices below market value; and <br />WHEREAS, the residential condominium unit located at 576 W. Parr Avenue #23 was <br />purchased on August 15, 2006 for less than market value by the Town of Los Gatos and intended <br />for inclusion in the BMP Housing Program for eventual sale at a reduced sales price that is <br />affordable to lower income senior households; and <br />WHEREAS, the Town of Los Gatos maintained the unit as an affordable rental unit for a <br />low income senior tenant since the unit was acquired in 2006; and <br />WHEREAS, the residential unit is now vacant; and <br />WHEREAS, the need for homes that are affordable to lower income households in Los <br />Gatos continues to exist; and <br />WHEREAS, the Town has a desire to maintain its affordable housing stock in the BMP <br />inventory by selling this unit as a BMP unit that is affordable to lower income senior households. <br />NOW, THEREFORE, BE IT RESOLVED, that Town Council of the Town of Los <br />Gatos authorizes the sale of the BMP unit located at 576 W. Parr Avenue #23 under the terms and <br />conditions of the Town's BMP Housing Program Guidelines. <br />