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This memorandum outlines actions related to the Fairways at San Antonio, located at 305 San Antonio Court. It recommends the transfer of ownership and rehabilitation of the property from San Jose Family Housing Partners, L.P. to Fairways Apartments, L.P., both affiliates of Affirmed Housing Group, Inc. The City of San José would accept repayment of a loan and issue a new loan for the rehabilitation project, which includes significant upgrades to the property. The memorandum details the financial implications and the necessity of the improvements for maintaining affordable housing.
Key points
Transfer of ownership and rehabilitation of Fairways at San Antonio from San Jose Family Housing Partners, L.P. to Fairways Apartments, L.P.
Acceptance of repayment of a City loan from Family Housing Partners, L.P.
Issuance of a new loan of $14,290,497 to Fairways Apartments, L.P.
Rehabilitation project includes approximately $14.6 million in new investment for property upgrades.
Development consists of 86 affordable housing units with various income restrictions.
The project aims to address critical repairs and improve living conditions for residents.
Limitations
The document contains placeholders and unresolved sections that affect the summary.
Specific dates and financial details are mentioned but not fully contextualized.
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Extracted text preview · 9,742 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 11/4/25 25-1167 8.1 FROM: Erik L. Soliván Jim Shannon DATE: October 14, 2025 Date: 10/22/2025 COUNCIL DISTRICT: 6 SUBJECT: Actions Related to the Fairways at San Antonio Located at 305 San Antonio Court RECOMMENDATION (a) Adopt a resolution: (1) Consenting to the transfer of ownership, resyndication, and rehabilitation of Fairways at San Antonio from San Jose Family Housing Partners, L.P. to Fairways Apartments, L.P., both affiliates of Affirmed Housing Group, Inc.; (2) Accepting full repayment of a City of San José loan from Family Housing Partners, L.P.; (3) Authorizing repayment proceeds of $14,290,497 to be issued as a new loan to Fairways Apartments, L.P.; and (4) Authorizing the Housing Director, or his designee, to negotiate and execute loan documents, any amendments thereto, and all other documents related to the transfer of ownership, resyndication, and rehabilitation of Fairways at San Antonio. (b) Adopt the following Appropriation Ordinance and Funding Source Resolution amendments in the Low and Moderate Income Housing Asset Fund: (1) Increase the estimate for Revenue from the...
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The source text indicates this attachment appears to be a draft document.
This resolution from the City Council of San Jose addresses the transfer of ownership, resyndication, and rehabilitation of Fairways at San Antonio from San Jose Family Housing Partners, L.P. to Fairways Apartments, L.P. It includes the acceptance of full repayment of a city loan and authorizes the issuance of a new loan to Fairways Apartments, L.P. The resolution also allows the Director of Housing to negotiate and execute necessary documents related to this transaction.
Key points
The resolution consents to the transfer of ownership of Fairways at San Antonio.
It accepts repayment of a city loan from San Jose Family Housing Partners, L.P.
It authorizes the issuance of a new loan of $14,290,497 to Fairways Apartments, L.P.
The Director of Housing is authorized to negotiate and execute related documents.
The development includes units for extremely low, very low, and low-income households.
Limitations
The resolution appears to be a draft as indicated in the text.
There are unresolved placeholders for the adoption date and voting results.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 5,933 chars
NVF:HAH:MMV RESOLUTION NO. _________ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JOSE (1) CONSENTING TO THE TRANSFER OF OWNERSHIP, RESYNDICATION AND REHABILITATION OF FAIRWAYS AT SAN ANTONIO FROM SAN JOSE FAMILY HOUSING PARTNERS, L.P. TO FAIRWAYS APARTMENTS, L.P., BOTH AFFILIATES OF AFFIRMED HOUSING GROUP, INC.; (2) ACCEPTING FULL REPAYMENT OF A CITY OF SAN JOSE LOAN FROM SAN JOSE FAMILY HOUSING PARTNERS, L.P.; (3) AUTHORIZING REPAYMENT PROCEEDS OF $14,290,497 TO BE ISSUED AS A NEW LOAN TO FAIRWAYS APARTMENTS, L.P.; AND (4) AUTHORIZING THE DIRECTOR OF HOUSING, OR THEIR DESIGNEE, TO NEGOTIATE AND EXECUTE LOAN DOCUMENTS, ANY AMENDMENTS THERETO, AND ALL OTHER DOCUMENTS RELATED TO THE TRANSFER OF OWNERSHIP, RESYNDICATION AND REHABILITATION OF FAIRWAYS AT SAN ANTONIO WHEREAS, in 2010, the City Council of the City of San José approved a permanent loan commitment of $9,501,778 to Affirmed Housing Group, Inc. through its affiliate San José Family Housing Partners, L.P. (“Existing Borrower”) for the construction of the 86-unit multifamily affordable housing at 305 San Antonio Court in the City of San José known as Fairways at San Antonio (“Development”); and WHEREAS, the existing...