Actions Related to the East Santa Clara Senior Affordable Housing Development Located at 700 East Saint John Street.

The memorandum outlines actions related to the East Santa Clara Senior Affordable Housing Development at 700 East Saint John Street, including a recommendation to approve a loan commitment of up to $6,800,000 to Eden Housing, Inc. for the development of 67 homes for low-income seniors. It details funding sources, project descriptions, and the development's compliance with affordability requirements. The construction phase is expected to start by June 2026 and conclude approximately 18 months later.

Key points

• The memorandum is addressed to the Mayor and City Council regarding the East Santa Clara Senior Affordable Housing Development.
• A resolution is recommended to approve a loan commitment of up to $6,800,000 for the development.
• The development will create 67 homes for extremely low-, very low-, and low-income seniors.
• The project is part of a larger East Santa Clara Master Plan aiming to integrate residential and commercial spaces.
• Eden Housing, Inc. has received additional funding from HUD and the Santa Clara County Housing Authority for the project.
• Construction is estimated to begin by June 2026 and last approximately 18 months.

Limitations

• The document contains unresolved placeholders and blank fields that affect the summary.
• Specific dates and dollar amounts are mentioned but not detailed in the summary.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

The source text indicates this attachment appears to be a draft document.

This resolution approves a combined 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. for the East Santa Clara Senior Affordable Housing Development located at 700 East Saint John Street. The development will provide 67 homes for low-income seniors and has received various funding allocations, including a Capital Advance from HUD. The City will record a 55-year affordability covenant on the property as a condition of funding.

Key points

• Resolution No. is not specified.
• Approval of up to $6,800,000 loan commitment to Eden Housing, Inc.
• Development located at 700 East Saint John Street, San Jose, CA.
• Will provide 67 homes for extremely low-, very low-, and low-income seniors.
• Received 9% Low-Income Housing Tax Credits from CTCAC.
• HUD awarded a $5,877,717 Capital Advance for development funding.
• Eden will enter into a Project Rental Assistance Contract Agreement with HUD.
• SCCHA committed to providing 20 Project-Based Vouchers for extremely low-income seniors.
• A 55-year affordability covenant will be recorded on the property.

Limitations

• The resolution appears to be a draft.
• The specific date for adoption is not filled in.
• Vote details (AYES, NOES, ABSENT, DISQUALIFIED) are not provided.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

The source text indicates this attachment appears to be a draft document.

The document outlines a loan commitment from the City of San José for the East Santa Clara Senior housing project, which aims to provide 68 new affordable units for seniors. The project is part of a larger master site plan and has received various funding sources, including a $6.8 million loan from the City. The total development cost is approximately $53 million.

Key points

• The East Santa Clara Senior project will increase the housing stock by 68 affordable units for seniors.
• The City is providing $6.8 million in gap financing, which constitutes 12.8% of the total development cost.
• The total cost of development is $53 million, or $783,000 per unit.
• The project has received funding from multiple sources, including HUD, the County of Santa Clara, and private capital.
• The development is expected to start construction in May 2026.

Limitations

• The document appears to be a draft as indicated by the repeated mention of 'February 24, 2026' without context.
• There are unresolved placeholders in the text, such as specific unit details and rent limits for certain income levels.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

The source text indicates this attachment appears to be a draft document.

The Preservation Action Council of San Jose (PAC*SJ) expresses support for the East Santa Clara Senior Affordable Housing Development project at 700 East St. John Street, which aims to build 68 units of 100% affordable senior housing. PAC*SJ acknowledges the commitment of EDEN Housing to preserve parts of the original 1921 Temple Laundry building, highlighting its historical significance and connection to the organized labor movement, U.S. Army, and IBM during World War II. The project has garnered attention from IBM corporate, and PAC*SJ plans to work with the city's Historic Preservation Officer to commemorate the building's historical importance.

Key points

• PAC*SJ supports the East Santa Clara Senior Affordable Housing Development project.
• The project proposes to build 68 new 100% affordable senior housing units.
• EDEN Housing is committed to preserving significant portions of the original 1921 Temple Laundry building.
• The building has historical significance related to the organized labor movement and IBM's operations during World War II.
• PAC*SJ will collaborate with the Historic Preservation Officer to integrate commemoration of the building's history.

Limitations

• The text appears to be a draft as it contains informal language and formatting issues.
• There are unresolved placeholders and missing information regarding specific dates and details.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.