...Title
Actions Related to the Affordable Housing Development Located at 1510 North 1st Street.
...Recommendations
(a) Adopt a resolution:
(1) Approving a construction-permanent loan commitment of up to $5,700,000 in the Low and Moderate Income Housing Asset Fund, or such other special funds as the City may designate, to the Santa Clara County Housing Authority or an affiliated development entity for the rehabilitation of 1510 North First, formerly known as Comfort Suites Hotel, located at 1510 North 1st Street; 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 financing for the rehabilitation of 1510 North First, formerly known as Comfort Suites Hotel, located at 1510 North 1st Street.
(b) Adopt the following 2026-2027 Appropriation Ordinance amendments in the Low and Moderate Income Housing Asset Fund:
(1) Decrease the Housing Project Reserve by $5,700,000; and
(2) Increase the Housing Loans and Grant appropriation to the Housing Department by $5,700,000.
CEQA: Categorically Exempt, File No. ER24-246 (Exemption for Housing Rehabilitation Projects), CEQA Guidelines Section 15301, Existing Facilities. Council District 6. (Housing/City Manager)