Actions Related to the Loan Commitment and Land Purchase for the Gateway Tower Affordable Housing Development Located at 470 South Market Street. - DEFERRED
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This memorandum outlines actions related to a loan commitment and land purchase for the Gateway Tower Affordable Housing Development at 470 South Market Street. It includes recommendations for approving a construction-permanent loan and land acquisition funding, authorizing the Director of Housing to negotiate and execute necessary documents, and making budget amendments for various funds. The development aims to provide 218 affordable rent-restricted apartments and is supported by funding from multiple sources, including the California Housing Financing Agency's Mixed-Income Program.
Key points
The memorandum is addressed to the Mayor and City Council regarding the Gateway Tower Affordable Housing Development.
It recommends a construction-permanent loan commitment of up to $20,270,000 and land acquisition funding of up to $18,170,000.
The development will consist of 218 affordable rent-restricted apartments and two unrestricted manager’s units.
The site is located in the SoFA District, close to public transportation.
The project is supported by funding from the California Housing Financing Agency's Mixed-Income Program.
The City will place an affordability covenant on the site for a term of no shorter than 55 years.
Limitations
The text includes unresolved placeholders and blank fields that affect the completeness of the summary.
Specific dates and dollar amounts are mentioned but not detailed in a way that allows for a complete understanding of the financial implications.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 15,729 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 9/23/25 25-1008 8.1 FROM: Erik L. Soliván Jim Shannon DATE: September 2, 2025 Date: 9/10/2025 COUNCIL DISTRICT: 3 SUBJECT: Actions Related to the Loan Commitment and Land Purchase for the Gateway Tower Affordable Housing Development Located at 470 South Market Street RECOMMENDATION (a) Adopt a resolution: (1) Approving a Construction-Permanent Loan commitment of up to $20,270,000, consisting of $17,970,000 in Low- and Moderate-Income Housing Asset Funds and $2,300,000 in Inclusionary Fee Funds, to Core Affordable Housing, LLC or an affiliated development entity for the Gateway Tower affordable housing development; (2) Approving the land acquisition loan or acquisition funding commitment of up to $18,170,000 consisting of $2,000,000 in Inclusionary Fee Funds, $2,170,000 in Low- and Moderate-Income Housing Asset Funds, and $14,000,000 in Real Property Transfer Tax Funds; (3) Authorizing the Director of Housing or his designee to acquire 445, 465, and 493 South First street and 460, 470, 480 South Market Street, from Core Affordable Housing, LLC for a price not to exceed $18,170,000 at the...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This resolution by the City Council of San Jose approves a construction permanent loan commitment and land acquisition funding for the Gateway Tower affordable housing development. It authorizes the Director of Housing to acquire specific properties and enter into a long-term ground lease with Core Affordable Housing, LLC. The resolution outlines funding sources and commitments, including low and moderate income housing asset funds and inclusionary fee funds, and emphasizes the project's aim to provide affordable housing for low and moderate income families.
Key points
Approval of a construction permanent loan commitment of up to $20,270,000.
Approval of land acquisition funding commitment of up to $18,170,000.
Authorization for the Director of Housing to acquire properties for the development.
The development will consist of 218 affordable housing units.
The project aims to provide housing affordable to low and moderate income families.
Limitations
The document contains unresolved placeholders for the resolution number and adoption date.
The text indicates it is a draft.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 10,366 chars
NVF:GAR:MMV 9/11/2025 RESOLUTION NO. _________ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JOSE (1) APPROVING A CONSTRUCTION PERMANENT LOAN COMMITMENT OF UP TO $20,270,000, CONSISTING OF $17,970,000 IN LOW AND MODERATE INCOME HOUSING ASSET FUNDS AND $2,300,000 IN INCLUSIONARY FEE FUNDS, TO CORE AFFORDABLE HOUSING, LLC OR AN AFFILIATED DEVELOPMENT ENTITY FOR THE GATEWAY TOWER AFFORDABLE HOUSING DEVELOPMENT; (2) APPROVING THE LAND ACQUISITION LOAN OR ACQUISITION FUNDING COMMITMENT OF UP TO $18,170,000 CONSISTING OF $2,000,000 IN INCLUSIONARY FEE FUNDS, $2,170,000 IN LOW AND MODERATE INCOME HOUSING ASSET FUNDS, AND $14,000,000 IN REAL PROPERTY TRANSFER TAX FUNDS; (3) AUTHORIZING THE DIRECTOR OF HOUSING OR HIS DESIGNEE TO ACQUIRE 445, 465, AND 493 SOUTH FIRST STREET AND 460, 470, 480 SOUTH MARKET STREET, FROM CORE AFFORDABLE HOUSING, LLC FOR A PRICE NOT TO EXCEED $18,170,000 AT THE TIME OF TRANSFER, TO ACCEPT THE GRANT DEED, AND TO ENTER INTO A LONG TERM GROUND LEASE OF THE SITE TO THE DEVELOPER FOR THE DEVELOPMENT; (4) AUTHORIZING THE DIRECTOR OF HOUSING OR HIS DESIGNEE TO NEGOTIATE AND EXECUTE DOCUMENTS AND DOCUMENT AMENDMENTS RELATED TO THE ACQUISITION AND DEVELOPMENT OF...