San Mateo Condo Complex May Get Loan From City

San Mateo may loan $1.7 million to 67 condo owners to make repairs

By Mike Rosenberg
San Mateo County Times

Updated: 09/04/2010 11:12:22 PM PDT

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Several dozen homeowners in a condo complex are slated to receive $1.75 million in loans from the city to fund repairs the residents say they can’t afford to pay for out of their own pockets.

The San Mateo City Council on Tuesday will hold a study session on whether to loan the funds — which are earmarked for housing projects like this one — to residents of the 96-unit Gateway Commons complex.
Sandy Council, the city’s acting Neighborhood Improvement and Housing manager, said the city has a financial interest in the properties at 211 and 221 S. Fremont St. at the eastern edge of downtown.
The city donated the two-acre plot of land to a developer in 1988 to build a first-time homeowner complex, and aims for mostly moderate-income people by capping selling prices. It has since loaned various residents a total of $7 million, about one-fourth of the project’s value, to help with down payments.
But the city and its homeowners association said a combination of shoddy construction work and poor management have led to a series of problems. Now the residents need to fund an estimated $2.1 million in repairs, including a roof replacement and water damage. READ THE REST OF THIS ARTICLE BY CLICKING THE HEADLINE



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