...Title
Actions Related to a Loan Commitment for a New Affordable Rental Housing Development - Berryessa Station at 1565 Mabury Road.
...Recommendations
(a) Adopt a resolution:
(1) Approving a Construction-Permanent Loan commitment of up to $9,898,877, in accordance with all applicable City of San José Gap Financing Program Regulations, in Low- and Moderate-Income Housing Asset Funds, to Affirmed Housing Group or an affiliated development entity for the Berryessa Station development located at 1565 Mabury Road, which is being developed to provide 193 affordable apartments, and two unrestricted manager’s homes; and
(2) Authorizing the Housing Director, or his designee, to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City financing for the Berryessa Station development.
(b) Adopt the following 2024-2025 Appropriation Ordinance amendments in the Low- and Moderate-Income Housing Asset Fund:
(1) Decrease the Housing Project Reserve appropriation by $9,898,877; and
(2) Increase the Housing Loans and Grants appropriation to the Housing Department by $9,898,877.
CEQA: Exempt per 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 4. (Housing/City Manager)