...Title
City Affordability Restrictions in the Event of Expiration or Termination of Project-Based Subsidy Contracts or Foreclosure.
...Recommendations
Adopt a resolution authorizing the Housing Director, or his designee, to allow rent and income restrictions to increase the Area Median Income in the following circumstances: (a) For new tenants in Project-Based Voucher-subsidized units upon expiration or termination of the applicable Project-Based Vouchers; and (b) For all tenants in the event of foreclosure or other material activity impacting project financing, provided the City of San José has determined such increase is necessary for the financial feasibility of the affordable housing development, and the increase is permitted under all other applicable funding sources.CEQA: Not a Project, File No. PP17-008, General Procedure and Policy Making resulting in no changes to the physical environment. (Housing)