...Title
Lower Income Voucher and Equity Program.
...Recommendations
(a) Adopt a resolution:
(1) Authorizing the Housing Director, or his designee, to negotiate and execute one or more master-lease agreements, occupancy agreements, or similar instruments with ASJ Development LLC, or a related or affiliated entity, for the lease of approximately 197 units located at the corner of Reed Street and Market Street for an initial term of five years, with two five-year options, in an aggregate amount up to and not to exceed $11,209,804, for the purpose of implementing the Lower Income Voucher and Equity Program; and
(2) Authorizing the Housing Director, or his designee, to negotiate and execute all agreements, amendments, modifications, instruments, and all other documents necessary to effectuate the master leasing or similar arrangement, Lower Income Voucher and Equity Program, and any related equity participation, financing, or operational structure for ASJ Development, LLC.
(b) Adopt the following 2025-2026 Appropriation Ordinance and Funding Sources Resolution amendments in the Real Property Transfer Tax Fund:
(1) Decrease the Measure E - 5% Moderate-Income Households Reserve by $890,000;
(2) Decrease the Measure E - 30% Low-Income Households Reserve by $10,319,804;
(3) Establish the Lower Income Voucher and Equity Program (Moderate-Income) appropriation to the Housing Department in the amount of $890,000; and
(4) Establish the Lower Income Voucher and Equity Program (Lower-Income) appropriation to the Housing Department in the amount of $10,319,804;
(5) Establish a revenue estimate for Transfers and Reimbursements from the Low and Moderate Income Housing Asset Fund in the amount of $10,319,804; and
(6) Establish the Future Affordable Housing Development - 60% AMI Reserve in the amount of $10,319,804.
(c) Adopt the following 2025-2026 Appropriation Ordinance amendments in the Low and Moderate Income Housing Asset Fund:
(1) Decrease the Housing Project Rese...
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