...Title
Alternative Financing for Affordable Housing. (Tordillos)
...Recommendations
Direct the City Manager to:
1. Return to Council by July 31, 2026, with policy recommendations for Alternative Financing for Affordable Housing Production based on the March 11, 2026, Information Memo from the Housing Department, including underwriting criteria, structures, funding, and financing for the strategies in the info memo, as well as 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) through these strategies and the feasibility of reaching Extremely Low-Income (0% - 30% AMI) levels specifically through the strategies that involve the Inclusionary Housing Ordinance, as referenced in the memorandum from Councilmember Ortiz, dated January 27, 2026;1
b. The “trade-offs” between total number of units and depth of affordability for the existing City approach to production of affordable homes 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.
*MEMORANDUM PENDING*