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