Between 1996 and the present date, 57 BMR units have been developed. Of those 57 units, seven have been resold to a second owner and one unit has been foreclosed. Two owners have received additional financial assistance, which was folded into their existing PAL loan. Currently, one unit has action pending against the owner for borrowing against the unit in excess of the BMR value of the home, a violation of the BMR agreement.
Loan applicants are carefully screened and eligibility is closely monitored through established guidelines. Compared with the market rate foreclosure numbers, the city's BMR foreclosure of less than one percent is noteworthy.
Fees and interest collected by the city through the BMR program to date is $11,403,791. One might ask those against BMR programs if they think that all government housing assistance should be ended. If the answer is yes, ask if that would include the largest housing government subsidy program, income tax exemption for mortgage interest.
Patricia Boyle, Anne Moser
Members, Menlo Park