...Title
Actions Related to the East Santa Clara Senior Affordable Housing Development Located at 675 East Santa Clara Street. - DROPPED PER ADMINISTRATION
...Recommendations
(a) Adopt a resolution:
(1) Approving a Construction-Permanent Loan commitment of up to $6,800,000 in Low-and Moderate-Income Housing Asset Funds and Real Property Transfer Tax Funds to Eden Housing, Inc. or an affiliated development entity for the East Santa Clara Senior affordable housing development; and
(2) Authorizing the Director of Housing, or his designee, to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City of San José financing for the East Santa Clara Senior affordable housing development.
(b) Adopt the following 2025-2026 Appropriation Ordinance amendments in the Real Property Transfer Tax Fund:
(1) Decrease the Measure E - 40% Extremely Low-Income Households Reserve by $5,000,000; and
(2) Increase the Measure E - 40% Extremely Low-Income Households Appropriation to the Housing Department by $5,000,000.
(c) Adopt the following 2025-2026 Appropriation Ordinance amendments in the Low- and Moderate-Income Housing Asset Fund:
(1) Decrease the Housing Project Reserve by $1,800,000; and
(2) Increase the Housing Loans and Grants Appropriation to the Housing Department by $1,800,000.
CEQA: Exempt pursuant to 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 3. (Housing/City Manager)