...Title
Proposed Revisions to City Council Policy 1-16 - Policy for the Issuance of Multifamily Housing Revenue Bonds and Amendment to Section 5.06.430 of Chapter 5.06, Title 5 of City of San José Municipal Code related to the Authority of the Director of Finance.
...Recommendations
(a) Adopt a resolution amending Council Policy 1-16, Policy for the Issuance of Multifamily Housing Revenue Bonds to enable external conduit issuers to issue bonds for multifamily housing rental projects within the City of San José, and allow for the Director of Finance to hold Tax Equity and Fiscal Responsibility Act hearings for conduit issuers.
(b) Approve an ordinance amending Section 5.06.430 of Chapter 5.06, Title 5, of the City of San José Municipal Code to broaden the Director of Finance’s authority to hold Tax Equity and Fiscal Responsibility Act hearings on the issuance of tax-exempt bonds within the City of San José to finance affordable housing project.
(c) Direct staff to return to City Council in the fall of 2025 with a comprehensive revision to Council 1-16 Policy for the issuance of Multifamily Revenue Bonds.
CEQA: Not a Project, File No. PP17-008, General Procedure and Policy Making resulting in no changes to the physical environment. (Finance/Housing)