Ord 1430 - ZONING ORDINANCE AMENDMENT FOR BMP PROGRAMORDINANCE NO.
ZONING ORDINANCE AMENDMENT FOR BMP PROGRAM
THE TOWN COUNCIL OF THE TOWN OF LOS GATOS ORDAINS:
SECTION 1.
Chapter 3.90 is added to the Town of Los Gatos Zoning
Ordinance to read:
Chapter 3.90 Ho using Assistanc P rograms
Section 3.90.010: Intent
This Chapter 3.90 is adopted to meet housing
needs shown in the Housing Element of the General
Plan.
Section 3.90.100: Be low Market Price Program
Sections 3.90.100 through 3.90.135 establish
the below market price program.
Section 3.90.105 Intent
The below market price (BMP) program requires
construction of dwellings that persons and families
of moderate income can afford to buy, and assures
to the extent possible that the resale prices of
those dwellings, and rents if they are rented, will
be within the means of persons and families of
moderate income.
Section_ 3.90.110 Applica
Sections 3.90.100 through 3.90.135 apply to all
residential condominium projects (Section 2.00.140)
and to all residential planned development projects
(Chapter 4.82) either approved after July 4, 1979 or
whose approval includes a condition requiring
construction of BMP dwellings. Projects in the
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R -1 and HR zones are excepted from BMP participation.
The exception does not apply if the project is built
under the rules of an overlay zone unless the rules of
the overlay zone provide otherwise.
Section 3.90.115 Def initions
(1) A BMP dwelling is a residential condominium
unit, community apartment, stock cooperative apartment
or unit or planned development dwelling unit which is
built for purchase and occupancy by persons of moderate
income under the rules of Section 3.90.100 through
3.90.135.
(2) A person of moderate income is one whose
income falls within the range specified by the Town
Council in the resolution authorized by Section 3.90.135.
Section 3.90.120 Scope
Every residential condominium or planned development
residential subdivision at the time of subdivision, and
every community aEErtment project and every residential
stock cooperative apartment or unit project at the time
of subdivision if the transaction involves subdivision,
or at the time of sale, if it does not, shall contain one
or more BMP dwellings according to the following rules:
(1) BMP dwelling units equal to ten percent of
the total number of dwelling units.
(2) Projects with nine or fewer dwelling units
total including present and all future phases are
exempt from this section
(3) Whenever the calculations of below market
price units result in a fraction of one -half or more
the number of units to be reserved is increased to
the next whole number.
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Section 3.90.125: Price
The price of BMP units is controlled for the
first buyer and for future buyers as follows:
(1) The initial price is limited to direct
construction cost and a proportionate share of the
costs of preparing working drawings and specifications,
and providing on -site and off -site improvements,
determined according to rules set by the council.
(2) The initial price does not include the cost
of land, profit,,or marketing costs.
(3) r act,)BMP unit will be subjected to recorded
title restrictions concerning manner of future sales,
occupancy and leasing.
(4) Each buyer of a BMP unit must agree to sell
the unit to a moderate income buyer designated by the
Town. The Town will designate moderate income persons
according to rules adopted by the council in effect
at the time the seller purchased the unit.
(5) The resale price cannot exceed the original
selling price plus the value at the time of sale of
improvements added by the owner, and plus an amount
equal to the increase in cost of living or housing
during the owner's tenure. The index or method to be
used in calculating the increase is established by the
council,,,
(6) If a BMP unit to be resold has not been
properly maintained or for any other reason is in
poor condition and in need of cleaning or repair, the
Town may elect to do the work or have it done and
recover the cost from the sale price limited as provided
in subpart (5).
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(7) The regulations will specify the period
for controlled resales. The time period will be
for as long as is practical.
Section 3.90.130 Project Denial
If an applicant for zoning approval declines
to provide BMP units required by ordinance, the
zoning approval shall be denied.
Section 3.90.135 Administration
The Council shall adopt by resolution regulations
concerning all aspects of the BMP program, including
the elements of price, buyer eligibility standards,
the length of the period during which a unit will be
subject to BMP restrictions, the form of recorded
instruments and any other matter consistent with the
providions of these sections 3.90.100 - 3.90.135.
SECTION 2.
This ordinance takes effect 30 days after the date it is
adopted. Within 15 days after thI-ii, ordinance is adopted the
Town Clerk shall cause it to be published once in a newspaper
of general circulation published and circulated in the Town.
This ordinance was introduced at a regular meeting of the
Town Council of the Town of Los Gatos on May 21, 1979 and
adopted by the following vote as an ordinance of the Town of
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Los Gatos'at a regular meeting of the Town Council on
June 4 19 79 .
AYES: COUNCIL MEMBERS Ruth Cannon, Thomas J. Ferrito,
Mardi Gualtieri, Peter W. Siemens, John B. Lochner
NOES: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
SIGNED
Mayor of the Town of Los Gatos
ATTEST:
Clerk of the Town of Lo tos
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