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San Jose Civic Gallery City Hall agenda intelligence

Matter 26-435

City Affordability Restrictions in the Event of Expiration or Termination of Project-Based Subsidy Contracts or Foreclosure. - DEFERRED TO 4/28/2026 PER ADMINISTRATION

Housing City Council Agenda Ready Introduced 07 Apr 2026
1 Document on file 93.8 KB · 1 extracted · 1 AI summary
File
26-435
Type
Consent Agenda
Status
Agenda Ready
Requester
Unknown
Introduced
07 Apr 2026
Last synced
12 Jun 2026 · 20:19

The papers

1 document · 93.8 KB
01 93.8 KB

Resolution

93.8 KB Extracted AI Summary
file 240282d7-e59f-4618-b073-1a2a57ffd9e5.pdf sha 03330235b86d source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

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

This resolution authorizes the Housing Director of San Jose to allow rent and income restrictions to increase up to 60% of the area median income under specific circumstances, including for new tenants in project-based voucher-subsidized units upon expiration or termination of vouchers, and for all tenants in the event of foreclosure, contingent upon the determination of financial feasibility and compliance with applicable funding sources.

Key points
  • The resolution allows rent and income restrictions to increase up to 60% of the area median income.
  • Increases are permitted for new tenants in project-based voucher-subsidized units after voucher expiration or termination.
  • Increases are also allowed for all tenants in case of foreclosure.
  • The City must determine that such increases are necessary for financial feasibility.
  • The resolution grants authority to the Housing Director or their designee to approve these increases on a case-by-case basis.
Limitations
  • The document appears to be a draft.
  • 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 · 4,037 chars
SAW:HAH:CEG 4/09/2026 RESOLUTION NO. A RESOLUTION OF THE CITY OF SAN JOSE AUTHORIZING THE HOUSING DIRECTOR, OR THEIR DESIGNEE, TO ALLOW RENT AND INCOME RESTRICTIONS TO INCREASE UP TO 60% OF THE AREA MEDIAN INCOME IN THE FOLLOWING CIRCUMSTANCES: (A) FOR NEW TENANTS IN PROJECT-BASED VOUCHER-SUBSIDIZED UNITS UPON EXPIRATION OR TERMINATION OF THE APPLICABLE PROJECT-BASED VOUCHERS; AND (B) FOR ALL TENANTS IN THE EVENT OF FORECLOSURE, PROVIDED THE CITY HAS DETERMINED SUCH INCREASE IS NECESSARY FOR THE FINANCIAL FEASIBILITY OF THE AFFORDABLE HOUSING DEVELOPMENT AND THE INCREASE IS PERMITTED UNDER ALL OTHER APPLICABLE FUNDING SOURCES WHEREAS, currently, an affordable housing development seeking City funding must include a resolution to City Council approving loan terms to allow an increase of the Area Median Income rents and income restrictions within the City’s affordability restrictions; and WHEREAS, a potential future request by the developer for an increase in maximum rents or maximum income levels (i.e. “float up”) in the event of loss of subsidy or foreclosure would require the City to execute an amendment to the loan documents as governed under City of San José Municipal Code...