...Title
Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Bonds and the Loan of the Proceeds thereof for the Financing of Berryessa TOD, an Affordable Housing Project, and Related Documents.
...Recommendations
Adopt a resolution:
(a) Authorizing the issuance of tax-exempt multifamily housing revenue bonds designated as “City of San José Multifamily Housing Revenue Bonds (Berryessa TOD), Series 2026A” (the 2026A Bonds) in an aggregate principal amount not to exceed $82,584,672;
(b) Approving the loan of the bond proceeds to Berryessa Affordable Housing, L.P., in order to finance the construction and development of a 195-unit multifamily development currently known as Berryessa TOD, located at 1565 Mabury Road;
(c) Approving substantially final forms of the Transaction Documents (as defined herein);
(d) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director of Finance - Debt and Treasury Management or their designees, to negotiate, execute and deliver the Transaction Documents together with any and all documents necessary to execute and deliver the Bonds, complete the transaction and implement this resolution, and ratifying and approving any action heretofore taken in connection with the 2026A Bonds; and
(e) Authorizing the loan terms to allow an increase in the rents and income restrictions up to 60% of Area Median Income for new tenants in Project-Based Voucher subsidized apartments in the event of expiration or termination of Project-Based Vouchers and for all tenants in the event of foreclosure, to the extent the City has determined such increase is needed for the feasibility of the above development and allowed by other funds.
CEQA: Exempt per Public Resources Code Section 21080(b)(1) and CEQA Guidelines Section 15369, Ministerial Project pursuant to Government Code Section 65913.4, File No. ER20-109. Council District 4. (Finance/Housing)