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The source text indicates this attachment appears to be a draft document.
The memorandum outlines actions related to the East Santa Clara Senior Affordable Housing Development at 675 East Santa Clara Street, including a recommendation to approve a loan commitment of up to $6,800,000 for the project. The development aims to create 67 homes for low-income seniors and includes a historic amenity center. The funding sources and budget implications are detailed, along with the project's background and community outreach efforts.
Key points
The East Santa Clara Senior Affordable Housing Development will provide 67 homes for extremely low-, very low-, and low-income seniors.
A construction-permanent loan commitment of up to $6,800,000 is recommended for Eden Housing, Inc.
The project is located on a County-owned site and is part of a larger East Santa Clara Master Plan.
The development will include a historic amenity center and will have affordability restrictions for at least 55 years.
Community outreach has been conducted by Eden since December 2021.
Limitations
The document appears to be a draft as it contains placeholders and unresolved sections.
Specific dates for future actions and funding allocations are not provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 14,113 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 10/7/25 25-1068 8.1 FROM: Erik L. Soliván Jim Shannon DATE: September 15, 2025 Date: 9/22/2025 COUNCIL DISTRICT: 3 SUBJECT: Actions Related to the East Santa Clara Senior Affordable Housing Development Located at 675 East Santa Clara Street RECOMMENDATION (a) Adopt a resolution: (1) Approving a Construction-Permanent Loan commitment of up to $6,800,000 in Low-and Moderate-Income Housing Asset Funds and Real Property Transfer Tax Funds to Eden Housing, Inc. or an affiliated development entity for the East Santa Clara Senior affordable housing development; 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 of San José financing for the East Santa Clara Senior affordable housing development. (b) Adopt the following 2025-2026 Appropriation Ordinance amendments in the Real Property Transfer Tax Fund: (1) Decrease the Measure E – 40% Extremely Low-Income Households Reserve by $5,000,000; and (2) Increase the Measure E – 40% Extremely Low-Income Households Appropriation...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
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 of up to $6,800,000 in Low and Moderate Income Housing Asset Funds and Measure E Real Property Transfer Tax Funds to Eden Housing, Inc. for the development of the East Santa Clara Senior Affordable Apartment Housing at 675 East Santa Clara Street. It authorizes the Housing Director to negotiate and execute related loan documents. The development aims to provide 67 affordable housing units for seniors and includes a four-story building and an amenity center. The resolution also outlines various funding sources and commitments from other entities.
Key points
Approval of a loan commitment of up to $6,800,000 for affordable housing development.
Development site located at 675 East Santa Clara Street.
Project will create 67 affordable housing units for seniors.
Includes a four-story building and an amenity center.
Funding sources include Low and Moderate Income Housing Asset Funds and Measure E Real Property Transfer Tax Funds.
Limitations
The document appears to be a draft.
Several placeholders are present, including the resolution number and adoption date.
Specific details regarding votes and disqualifications are missing.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 6,070 chars
NVF:HAH 9/25/2025 RESOLUTION NO. ______________ A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN JOSE (1) APPROVING A CONSTRUCTION-PERMANENT LOAN COMMITMENT OF UP TO $6,800,000 LOW AND MODERATE INCOME HOUSING ASSET FUNDS AND MEASURE E REAL PROPERTY TRANSFER TAX FUNDS TO EDEN HOUSING, INC. OR AN AFFILIATED DEVELOPMENT ENTITY FOR DEVELOPMENT OF THE EAST SANTA CLARA SENIOR AFFORDABLE APARTMENT HOUSING LOCATED AT 675 EAST SANTA CLARA STREET; AND (2) AUTHORIZING THE DIRECTOR OF HOUSING, OR HIS DESIGNEE, TO NEGOTIATE AND EXECUTE LOAN DOCUMENTS AND ALL OTHER DOCUMENTS, INCLUDING ANY AMENDMENTS OR MODIFICATIONS THERETO, RELATED TO CITY FINANCING FOR THE EAST SANTA CLARA SENIOR AFFORDABLE RENTAL HOUSING DEVELOPMENT WHEREAS, in April 2025, the Housing Department issued a Rolling Request for Proposals (RFP) to award gap financing to affordable multifamily developments that will provide housing for extremely-low to moderate-income individuals and families; and WHEREAS, in response to the Housing Department’s Rolling RFP, Eden Housing, Inc. (Eden) submitted a proposal to develop new permanently affordable rental housing for seniors at the East Santa Clara Senior affordable housing development...