MattersHousingFirst seen Jul 15, 2019
Belmont rent-to-own homeownership program
ApprovedThe partnership supports a rent-to-own program at Belmont Market and Residences, with city grants from the Affordable Housing Reserve of $3,000 for each one-bedroom home and $5,000 for each two-bedroom home, for up to 20 homes. Depending on the unit mix, the total city contribution could reach about $90,000–$100,000; staff were also asked to develop a policy for future programs.
Where it stands: Staff authorized to enter the partnership agreement and prepare a policy July 15, 2019.
Timeline
Every time this matter appeared in council records, newest first.
Staff authorized to sign the rent-to-own partnership and draft a city policy
Council authorized staff to enter into the Rent-to-Own Affordable Home Ownership Partnering Agreement and directed staff to prepare an overarching Rent-to-Own policy for future review.
Decision: Authorized staff to enter the Rent-to-Own partnering agreement and directed staff to prepare a policy.
Passed