...Title
Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Notes and the Loan of the Proceeds Thereof and Approving Related Documents for the Blossom Hill Senior Apartments Project.
...Recommendations
(a) Adopt a resolution:
(1) Authorizing the issuance of a tax-exempt multifamily housing revenue note designated as “City of San José Multifamily Housing Revenue Note (Blossom Hill Senior Apartments), Series 2021B” (the “2021B Note”) in a principal amount not to exceed $39,362,559;
(2) Approving the loan of 2021B Note proceeds to Blossom Hill, L.P. a California limited partnership created by Charities Housing Development Corporation of Santa Clara County, a California nonprofit public benefit corporation, to finance the construction and development of a 147-unit multifamily development known as Blossom Hill Senior Apartments located at 397 Blossom Hill Road in San José (the “Development”);
(3) Approving in substantially final form the Funding Loan Agreement, the Project Loan Agreement, Regulatory Agreement and Declaration of Restrictive Covenants, and related documents (collectively, the “2021B Note Documents”);
(4) Authorizing a reduction in the City’s issuance and annual monitoring fees in the approximate amount of $213,629 during the term of the 2021B Note notwithstanding the City’s Policy for Issuance of Multifamily Housing Revenue Bonds, as provided below; and
(5) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director, Debt & Treasury Management, or their designees, to execute and deliver the 2021B Note Documents together with any documents ancillary to the 2021 Note Documents.
(b) Adopt a resolution:
(1) Authorizing a change in City Loan terms to allow an increase in the Development’s rents and income up to 60% AMI (low income) for new tenants in subsidized units in the event of expiration or termination of Project Based Vouchers, and for all tenants in the eve...
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