Menlo Park BMR agreement with Park South 624 LLC

The City of Menlo Park Housing Commission is considering recommending approval of a Below Market Rate Housing Agreement with Park South 624, LLC for a six-unit townhouse development at 624 University Drive that will include two deed-restricted, for-sale affordable units. The long-term agreement will govern income eligibility, pricing, and resale controls consistent with the City’s BMR program and State Density Bonus Law.

Scope & details

The full contract record, as filed.

Contract type

OTHER

Contract term

Fifty-five (55) years affordability term for each BMR unit from recordation of initial resale restriction deeds

Renewal

BMR resale restriction agreements for each affordable unit run for 55 years from the initial sale to an eligible buyer, with affordability and occupancy restrictions continuing through resales during that term. The master BMR Housing Agreement terminates for each unit once it is sold to an eligible buyer and a resale restriction agreement and performance deed of trust are recorded.

Document type

Agenda

Source document

City of Menlo Park Housing Commission Regular Meeting Agenda 2026-06-03

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City of Menlo Park Housing Commission Regular Meeting Agenda 2026-08-05

City of Menlo Park Housing Commission Regular Meeting Agenda 2026-06-03

APPROVED

City of Menlo Park, CaliforniaJun 3, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by City of Menlo Park?

Park South 624 Llc was awarded this government contract by City of Menlo Park, as recorded on June 3, 2026.

What type of contract is this?

This is a government contract, documented as a agenda record.

Where was this contract approved?

This contract appears in City of Menlo Park Housing Commission Regular Meeting Agenda 2026-06-03 (Agenda), dated June 3, 2026 from City of Menlo Park. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Park South 624 Llc hold?

Park South 624 Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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