...Title
Alternative Financing for Affordable Housing. (Mahan, Campos, Tordillos, Cohen, and Ortiz)
...Recommendations
Direct the City Manager to:
1. Return to City Council by August 2026 with policy recommendations for Alternative Financing for Affordable Housing Production based on the March 11, 2026, Information Memorandum from the Housing Department, including additional analysis of:
a. The range and mix of affordability levels that the public-private partnerships contemplated in the memo may support, including the feasibility of reaching Very Low-Income affordability levels (30% - 50% AMI), as referenced in the memorandum from Councilmember Ortiz dated January 27, 2026;
b. The “trade-offs” between total number of units and depth of affordability for the existing City approach to affordable housing production with each of the policy options in the information memo; and
c. How these policies may benefit or impact the existing pipeline of affordable and market rate housing projects in San José.
2. Include as part of the report an analysis of lease-revenue financing, including but not limited to issuance of certificates of participation, for funding affordable housing.