Multifamily Housing Incentive Program Residential Tax and Fee Waiver for the El Paseo de Saratoga Development Located at 1777 Saratoga Avenue.

This memorandum discusses the Multifamily Housing Incentive Program (MHIP) and proposes a residential tax and fee waiver for the El Paseo de Saratoga development located at 1777 Saratoga Avenue. It clarifies the Inclusionary Housing Ordinance requirements and updates tax reduction amounts based on project square footage. The recommendation includes conducting a public hearing to approve a tax and fee waiver of up to $3,693,404 and adopting a resolution to authorize the Housing Director to negotiate related documents. The development will provide 772 residential units and comply with the IHO requirements, including providing 5% of units as affordable housing.

Key points

• The memorandum clarifies Inclusionary Housing Ordinance requirements for the El Paseo development.
• It proposes a tax and fee waiver of up to $3,693,404 under the Multifamily Housing Incentive Program.
• The El Paseo development will consist of 772 residential units across two buildings.
• The project must comply with the Inclusionary Housing Ordinance, providing 5% of units as affordable housing.
• The City Council is scheduled to conduct a public hearing on March 24, 2026.

Limitations

• The document includes unresolved placeholders, such as specific dates and details regarding the public hearing.
• The summary does not include specific dollar amounts beyond the proposed tax and fee waiver.

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 document is a draft resolution from the City Council of San José, approving a tax and fee waiver related to the Multifamily Housing Incentive Program (MHIP) for the El Paseo de Saratoga development. The resolution authorizes the Housing Director to negotiate and execute necessary documents for implementing the program, which aims to support stalled housing production. The El Paseo development, located at 1777 Saratoga Avenue, qualifies for significant tax reductions under the MHIP and is required to provide affordable housing units.

Key points

• The resolution approves a tax and fee waiver for the El Paseo de Saratoga development.
• The El Paseo consists of 772 residential units across two buildings.
• The development qualifies for a 50% reduction in certain construction taxes, totaling a tax reduction of $3,693,404.
• The developer will provide 5% of units as affordable housing and pay the applicable in-lieu fee.
• The resolution authorizes the Housing Director to negotiate and execute related agreements.

Limitations

• The document contains unresolved placeholders for the resolution number and adoption date.
• The tax reduction amounts are presented with conflicting figures ($3,693,404 and $2,425,988) without clarification.

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

The document discusses the Multifamily Housing Incentive Program (MHIP) and its application for the El Paseo de Saratoga residential development at 1777 Saratoga Avenue. It outlines the financial challenges in housing development and the benefits of the MHIP, including tax reductions and fee waivers aimed at making projects financially viable. The El Paseo de Saratoga project, developed by Sand Hill Property Company, consists of 772 units, including 39 affordable units. The proposed tax and fee waivers amount to approximately $3,693,404. The document also provides an overview of other developments under the MHIP.

Key points

• The MHIP was approved by the City Council on December 10, 2024, with amendments on May 13, 2025, and January 27, 2026.
• The program offers a 100% reduction in the Inclusionary Housing In-Lieu Fee for developments with at least 5% of units affordable.
• There is a 50% reduction in construction taxes for the first 3,600 eligible units until February 28, 2027.
• The El Paseo de Saratoga development includes 772 units across two buildings, with 39 units designated as affordable.
• The total fee waiver and reduction for the El Paseo de Saratoga project is estimated at $3,693,404.

Limitations

• The document does not provide specific dates for the amendments beyond the known dates.
• The total fee waiver and reduction is indicated as 'N/A*' which may suggest incomplete information.
• The document does not specify the exact nature of the financial feasibility gap addressed by the MHIP.

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 discusses a proposal for the construction of 992 units of new housing in San Jose, including 220 affordable units in the Gateway Tower and 772 units in the El Paseo Mixed Use Project. The construction is anticipated to begin in Spring 2026, pending approval from the Mayor and City Council.

Key points

• Proposal for 992 units of new housing.
• Gateway Tower: 15 stories, 220 units (100% affordable).
• El Paseo Mixed Use Project: 12 stories with 398 units and 10 stories with 374 units, 5% of units will be affordable.
• Construction anticipated to proceed in Spring 2026.

Limitations

• The text appears to be a draft as it includes informal communication and lacks final approval details.
• There are unresolved placeholders and incomplete information regarding the specifics of the projects.

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