...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 their designee, to allow, on a case-by-case basis for any City funded affordable housing development, rent and income restrictions to increase up to 60% of the Area Median Income for units funded by Low and Moderate Income Housing Asset Fund and up to 120% of the Area Median Income for units funded by Measure E Area Median Income as permitted under the City of San José’s affordability restrictions for the project, but not to exceed Area Median Income caps, based on funding source for new tenants in Project-Based Voucher-subsidized units upon expiration or termination of the applicable Project-Based Vouchers and for all tenants in the event of foreclosure or impeding financial feasibility to preserve unit affordability, if the City of San José has determined that such approval is needed if, and only to the extent, and only for the period of time necessary for the financial feasibility of the affordable housing development, 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)
[Deferred from 4/21/2026 - Item 2.8 (26-435)]