Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Bonds and the Loan of the Proceeds thereof for the Financing of Berryessa TOD, an Affordable Housing Project, and Related Documents.
HousingCity CouncilAgenda ReadyIntroduced 30 Mar 2026
9Documents on file
8.82 MB · 9 extracted · 9 AI summaries
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The source text indicates this attachment appears to be a draft document.
This memorandum discusses the approval of the issuance of tax-exempt multifamily housing revenue bonds for the financing of the Berryessa TOD, an affordable housing project. The bonds, designated as "City of San José Multifamily Housing Revenue Bonds (Berryessa TOD), Series 2026A," will be issued in an amount not to exceed $82,584,672. The proceeds will finance the construction and development of a 195-unit multifamily development located at 1565 Mabury Road. The project will include affordability restrictions and is expected to remain affordable for at least 55 years. The memorandum outlines the roles of various city officials in executing the necessary documents and the financial structure of the bond issuance.
Key points
The memorandum is addressed to the Mayor and City Council regarding the Berryessa TOD project.
The bonds will finance a 195-unit affordable housing project at 1565 Mabury Road.
The total bond amount is not to exceed $82,584,672.
The project will remain affordable for at least 55 years.
The bonds are limited obligations of the City and not secured by the City's general taxing power.
The project includes provisions for increasing rents and income restrictions under certain conditions.
Limitations
The text is truncated and does not provide complete information on the Loan Agreement and other financing documents.
Specific dates and details regarding the financing timeline and other attachments are not fully included.
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Extracted text preview · 36,898 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 4/14/26 26-399 3.3 FROM: Maria Öberg Erik L. Soliván DATE: March 23, 2026 Date: 4/2/26 COUNCIL DISTRICT: 4 SUBJECT: Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Bonds and the Loan of the Proceeds thereof for the Financing of Berryessa TOD, an Affordable Housing Project, and Related Documents RECOMMENDATION Adopt a resolution: a) Authorizing the issuance of tax-exempt multifamily housing revenue bonds designated as “City of San José Multifamily Housing Revenue Bonds (Berryessa TOD), Series 2026A” (the 2026A Bonds) in an aggregate principal amount not to exceed $82,584,672; b) Approving the loan of the bond proceeds to Berryessa Affordable Housing, L.P., in order to finance the construction and development of a 195-unit multifamily development currently known as Berryessa TOD, located at 1565 Mabury Road; c) Approving substantially final forms of the Transaction Documents (as defined herein); d) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director of Finance – Debt and Treasury Management...
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The source text indicates this attachment appears to be a draft document.
This document is a resolution from the City of San Jose authorizing the issuance of tax-exempt multifamily housing revenue bonds designated as 'City of San Jose Multifamily Housing Revenue Bonds (Berryessa TOD), Series 2026A' to finance the construction of a 195-unit multifamily development known as Berryessa TOD. The resolution includes provisions for the loan of bond proceeds, the execution of necessary transaction documents, and conditions for rent increases under certain circumstances. It also outlines the roles of various city officials in executing the resolution and the bonds.
Key points
Authorization for issuance of tax-exempt multifamily housing revenue bonds.
Bonds designated as 'City of San Jose Multifamily Housing Revenue Bonds (Berryessa TOD), Series 2026A'.
Total principal amount not to exceed $82,584,672.
Loan proceeds to finance construction of a 195-unit multifamily development at 1565 Mabury Road.
Approval of transaction documents in substantially final form.
City officials authorized to negotiate and execute necessary documents.
Conditions for rent increases for new tenants in case of expiration of project-based vouchers.
Limitations
The document appears to be a draft, as indicated by the text.
Some sections are truncated and may not provide complete information.
Unresolved placeholders such as [__________ __] affect the completeness of the summary.
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Extracted text preview · 29,294 chars
SAW:HAH:CEG 4/3/2026 RESOLUTION NO. A RESOLUTION OF THE CITY OF SAN JOSE (A) AUTHORIZING (1) THE ISSUANCE OF TAX-EXEMPT MULTIFAMILY HOUSING REVENUE BONDS DESIGNATED AS “CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS (BERRYESSA TOD), SERIES 2026A” (THE “2026A BONDS”), IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $82,584,672 AND (2) UPON MANDATORY TENDER OF THE 2026A BONDS AND CERTAIN OTHER CONDITIONS, THE ISSUANCE OF THE GOVERNMENTAL NOTES (AS DEFINED HEREIN); (B) APPROVING THE LOAN OF THE BOND PROCEEDS TO BERRYESSA AFFORDABLE HOUSING, L.P., A CALIFORNIA LIMITED PARTNERSHIP IN ORDER TO FINANCE THE CONSTRUCTION AND DEVELOPMENT OF A 195-UNIT MULTIFAMILY DEVELOPMENT CURRENTLY KNOWN AS BERRYESSA TOD, LOCATED AT 1565 MABURY ROAD IN THE CITY OF SAN JOSE; (C) APPROVING IN SUBSTANTIALLY FINAL FORM THE TRANSACTION DOCUMENTS (AS DEFINED HEREIN); (D) AUTHORIZING AND DIRECTING THE CITY MANAGER, DIRECTOR OF HOUSING, DIRECTOR OF FINANCE, ASSISTANT DIRECTOR OF FINANCE, DEPUTY DIRECTOR OF FINANCE – DEBT & TREASURY MANAGEMENT OR THEIR DESIGNEES, TO NEGOTIATE, EXECUTE AND DELIVER THE TRANSACTION DOCUMENTS TOGETHER WITH ANY AND ALL DOCUMENTS NECESSARY TO EXECUTE AND DELIVER THE BONDS AND THE...
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The source text indicates this attachment appears to be a draft document.
This document is a draft of a Borrower Loan Agreement between Berryessa Affordable Housing, L.P. and the City of San Jose, relating to multifamily housing revenue notes. It outlines various articles including definitions, loan provisions, security, representations, covenants, defaults, and miscellaneous provisions. The document also includes references to exhibits and schedules related to the agreement.
Key points
The agreement is between Berryessa Affordable Housing, L.P. and the City of San Jose.
It relates to multifamily housing revenue notes, specifically Series 2029A and Series 2029B.
The City of San Jose's interests in the agreement are pledged to Deutsche Bank Securities Inc.
The document includes multiple articles covering definitions, loan terms, security, representations, covenants, defaults, and miscellaneous provisions.
Contact information for the Office of the City Clerk is provided for obtaining the final document.
Limitations
The document contains unresolved placeholders such as [May], $[APRINAMT], and $[BPRINAMT].
The document is marked as a draft, indicating it may not be the final version.
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Extracted text preview · 335,253 chars
KR DRAFT – 4/2/2026 BORROWER LOAN AGREEMENT by and between BERRYESSA AFFORDABLE HOUSING, L.P. and CITY OF SAN JOSE Dated as of [May] 1, 2029 Relating to: $[APRINAMT] CITY OF SAN JOSÉ MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2029A (BERRYESSA TOD) and $[BPRINAMT] CITY OF SAN JOSÉ MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2029B (BERRYESSA TOD) The interests of the City of San José (the “Governmental Lender”) in this Borrower Loan Agreement (except for the Reserved Rights) have been pledged and assigned to Deutsche Bank Securities Inc., as funding lender (the “Funding Lender”), under that certain Funding Loan Agreement of even date herewith, by and among the Governmental Lender, the Fiscal Agent and the Funding Lender, under which the Funding Lender is originating a loan or loans to the Governmental Lender the proceeds of which are to be used to fund the Borrower Loan made under this Borrower Loan Agreement. [DRAFT – Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] TABLE OF CONTENTS ARTICLE 1 DEFINITIONS 2 Section 1.1 Section 1.2 Definitions...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a draft of a Funding Loan Agreement involving the City of San José, UMB Bank, National Association, and Deutsche Bank Securities Inc. It outlines the terms and provisions related to the financing of multifamily housing revenue notes for a project known as Berryessa TOD. The agreement includes definitions, payment sources, interest rates, default provisions, and miscellaneous clauses. It is intended to facilitate the financing of the project and secure obligations related to the loan.
Key points
The agreement is between the City of San José, UMB Bank, and Deutsche Bank Securities Inc.
It relates to the City of San José Multifamily Housing Revenue Notes, Series 2029A and Series 2029B.
The document includes various articles covering definitions, payment terms, default provisions, and miscellaneous clauses.
The proceeds of the loan will be used to repay bonds issued for the Berryessa TOD project.
Limitations
The document contains placeholders for dates and amounts that are not filled in.
The text indicates that this is a draft and suggests contacting the City Clerk for the final document.
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Extracted text preview · 218,348 chars
KR DRAFT – 4/2/2026 FUNDING LOAN AGREEMENT by and among CITY OF SAN JOSE, UMB BANK, NATIONAL ASSOCIATION and DEUTSCHE BANK SECURITIES INC. Dated as of [May] 1, 2029 Relating to: $[APRINAMT] CITY OF SAN JOSÉ MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2029A (BERRYESSA TOD) and $[BPRINAMT] CITY OF SAN JOSÉ MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2029B (BERRYESSA TOD) [DRAFT – Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] TABLE OF CONTENTS Article I DEFINITIONS................................................................................................................... 2 Section 1.1 Defined Terms ...................................................................................................... 2 Section 1.2 Rules of Construction ......................................................................................... 21 Article II SOURCE OF PAYMENTS, GENERAL TERMS AND PROVISIONS OF THE GOVERNMENTAL NOTES .......................................................................................... 22 Section 2.1 Security...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a draft of a Loan Agreement between the City of San José and Berryessa Affordable Housing, L.P. It pertains to the financing of a multifamily rental housing project through the issuance of revenue bonds. The principal amount of the bonds is indicated as $[82,584,672], and the agreement outlines various sections including definitions, representations, covenants, loan payments, and miscellaneous provisions. The agreement is subject to a Trust Indenture with UMB Bank as trustee and includes provisions for a construction loan from Deutsche Bank AG.
Key points
The agreement is between the City of San José and Berryessa Affordable Housing, L.P.
It involves financing through the issuance of Multifamily Housing Revenue Bonds.
The principal amount of the bonds is $[82,584,672].
The agreement includes various articles covering definitions, representations, covenants, and loan payments.
UMB Bank, National Association is the trustee under the Trust Indenture.
Deutsche Bank AG is providing a separate construction loan for the project.
Limitations
The document contains unresolved placeholders such as $[82,584,672] and [April] 1, 2026.
Specific dates and details regarding the bond resolution and other agreements are not provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 154,769 chars
Hawkins Delafield & Wood LLP Draft No. 3: 4/1/2026 ______________________________________________________________ CITY OF SAN JOSE and BERRYESSA AFFORDABLE HOUSING, L.P. _______________________________ LOAN AGREEMENT _______________________________ Relating to $[82,584,672] City of San José Multifamily Housing Revenue Bonds, Series 2026A (Berryessa TOD) Dated as of [April] 1, 2026 ______________________________________________________________ The interest of the City of San José (the “Issuer”) in this Agreement has been assigned pursuant to the Trust Indenture (the “Indenture”) (except for “Unassigned Issuer’s Rights” defined in the Indenture) dated as of the date hereof from the Issuer to UMB Bank, National Association, as trustee (the “Trustee”), and is subject to the security interest of the Trustee thereunder. 4064917.7 048356 [DRAFT – Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] (This Table of Contents is not a part of the Loan Agreement and is only for convenience of reference.) ARTICLE I DEFINITIONS Section 1.01 Section 1.02 Section 1.03 Use of Defined Terms....
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a draft of a Regulatory Agreement and Declaration of Restrictive Covenants between the City of San Jose and Berryessa Affordable Housing, L.P. It pertains to the issuance of multifamily housing revenue bonds to finance a housing project. The agreement outlines various sections including definitions, project construction, tenant requirements, and compliance with tax regulations. The document is marked as a draft and includes placeholders for certain dates and amounts.
Key points
The agreement is between the City of San Jose and Berryessa Affordable Housing, L.P.
It relates to the issuance of multifamily housing revenue bonds for a housing project.
The document includes sections on definitions, project construction, and tenant requirements.
It is intended to ensure compliance with federal tax regulations and local housing policies.
Limitations
The document contains placeholders for specific dates and dollar amounts that are not filled in.
The text is truncated and does not provide complete information on all sections.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 167,413 chars
Hawkins Delafield & Wood LLP Draft No. 2: 3/31/2026 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Hawkins Delafield & Wood LLP 388 Market Street, Suite 900 San Francisco, California 94582 Attention: Sean Tierney, Esq. REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS by and between CITY OF SAN JOSE, as Issuer and BERRYESSA AFFORDABLE HOUSING, L.P., a California limited partnership, as Borrower Dated as of [April] 1, 2026 Relating to: $[82,584,672] CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS SERIES 2026A (BERRYESSA TOD) 4070101.6 048356 [DRAFT – Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] TABLE OF CONTENTS Page Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section 11. Section 12. Section 13. Section 14. Section 15. Section 16. Section 17. Section 18. Section 19. Section 20. Section 21. Section 22. Section 23. Section 24. Section 25. Section 26. Section 27. Section 28. Section 29. Section 30. Section 31. Section 32. Section 33. Definitions and Interpretation...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a Bond Purchase Agreement involving Lument Securities, LLC, the City of San José, and Berryessa Affordable Housing, L.P. It pertains to the sale of $82,584,000 in Multifamily Housing Revenue Bonds, Series 2026A, intended for financing a project related to Berryessa TOD. The agreement outlines the terms of purchase, sale, representations, covenants, and conditions related to the bonds. It appears to be a draft document.
Key points
The agreement is dated April __, 2026.
It involves Lument Securities, LLC, the City of San José, and Berryessa Affordable Housing, L.P.
The bonds are for a total of $82,584,000.
The bonds are identified as Multifamily Housing Revenue Bonds, Series 2026A (Berryessa TOD).
The document includes various sections detailing definitions, purchase and sale terms, issue price, closing conditions, and representations.
The agreement is subject to acceptance by the Issuer and the Borrower.
Limitations
The date in the agreement is incomplete (April __, 2026).
Exhibit A, which contains specific pricing and terms, is referenced but not included in the extracted text.
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Extracted text preview · 135,407 chars
BOND PURCHASE AGREEMENT Dated April __, 2026 by and among LUMENT SECURITIES, LLC, CITY OF SAN JOSE and BERRYESSA AFFORDABLE HOUSING, L.P. Relating to: $82,584,000 City of San José Multifamily Housing Revenue Bonds, Series 2026A (Berryessa TOD) [DRAFT - Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] TABLE OF CONTENTS Page Section 1. Definitions and Background. .............................................................................................. 1 Section 2. Purchase and Sale. .............................................................................................................. 1 Section 3. Issue Price. .......................................................................................................................... 2 Section 4. Closing. ............................................................................................................................... 4 Section 5. Official Statement: Disclosure Matters. .............................................................................. 4 Section 6. Representations of the Issuer....
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This Preliminary Official Statement provides information regarding the issuance of Multifamily Housing Revenue Bonds, Series 2026A by the City of San José to finance a multifamily rental housing project known as Berryessa TOD. The Bonds are subject to mandatory tender and will be secured by Eligible Investments. The document outlines the tax-exempt status of the Bonds and includes details about the loan agreement with Berryessa Affordable Housing, L.P. The statement is in a form deemed final for certain regulatory purposes but is subject to revision and completion in a final Official Statement.
Key points
The City of San José is issuing Multifamily Housing Revenue Bonds, Series 2026A.
The Bonds are intended to finance a 195-unit multifamily rental housing project known as Berryessa TOD.
The total amount of the Bonds is $82,584,000.
Interest on the Bonds is exempt from federal income tax and California personal income tax under certain conditions.
The Bonds are subject to mandatory tender and may be remarketed at a new interest rate on the Fixed Mandatory Tender Date.
The Bonds are limited obligations of the Issuer, payable solely from the Trust Estate under the Indenture.
Limitations
The document contains placeholders for dates and interest rates that are not filled in.
The document appears to be a draft, as indicated by multiple draft notices.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 284,850 chars
This Preliminary Official Statement and certain of the information contained herein is in a form deemed final for purposes of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (except for the omission of certain information permitted to be omitted under Rule 15c2-12(b)(1)). The information herein is subject to revision, completion or amendment in a final Official Statement. The Bonds may not be sold, nor may an offer to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. PRELIMINARY OFFICIAL STATEMENT DATED APRIL __, 2026 NEW ISSUE – Book-Entry Only RATING: Moody’s “[Aa1]” SEE “RATING” herein. In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Issuer, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a Trust Indenture between the City of San Jose and UMB Bank, National Association, as Trustee. It outlines the issuance of Multifamily Housing Revenue Bonds, Series 2026A, intended to finance the construction and development of a multifamily rental housing facility for low-income households in San Jose. The document includes various articles detailing the definitions, bond terms, revenues, funds, project fund disbursements, investment of funds, general covenants, defaults and remedies, and the roles of the trustee and remarketing agent. It appears to be a draft.
Key points
The Trust Indenture is between the City of San Jose and UMB Bank, National Association.
It concerns the issuance of Multifamily Housing Revenue Bonds, Series 2026A.
The bonds are intended to finance a multifamily rental housing facility for low-income households.
The document includes multiple articles covering various aspects of the bond issuance and management.
Limitations
The document contains placeholders for dates and dollar amounts that are not filled in.
The text indicates it is a draft and provides contact information for obtaining the final document.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 291,381 chars
Hawkins Delafield & Wood LLP Draft No. 3: 4/1/2026 TRUST INDENTURE By and Between CITY OF SAN JOSE and UMB BANK, NATIONAL ASSOCIATION, as Trustee ______________________________ Dated as of [April] 1, 2026 ______________________________ $[82,584,672] City of San José Multifamily Housing Revenue Bonds, Series 2026A (Berryessa TOD) 4064916.12 048356 [DRAFT – Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document.] INDEX ARTICLE I DEFINITIONS AND CONSTRUCTION Section 1.01 Section 1.02 Definitions.............................................................................................................5 Rules of Construction .........................................................................................23 ARTICLE II THE BONDS Section 2.01 Section 2.02 Section 2.03 Section 2.04 Section 2.05 Section 2.06 Section 2.07 Section 2.08 Section 2.09 Section 2.10 Section 2.11 Section 2.12 Section 2.13 Authorization and Terms of Bonds .....................................................................23 Security and Source of Payment of Bonds .........................................................26 Execution of Bonds...