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Bond Compliance Monitoring

A primary source of financing for affordable housing developments is multifamily housing revenue bonds. Issuers such as the City of San José are required to monitor the resulting bond regulatory agreement requirements to ensure that bond funds are spent appropriately, and to ensure that rents assessed to tenants meet the terms of the bond regulatory agreement.

CDLAC requires owners of affordable housing properties that were financed by the issuance of bonds to participate in annual certifications for CDLAC bond compliance.  As issuer, the City performs bond compliance monitoring duties for CDLAC per Section 5220 of the CDLAC regulations. Each year, the City is required to submit a certification to CDLAC that all of its bond-funded developments are complying with the features originally identified in application to CDLAC and contained in Attachment A to the CDLAC resolution.

The deadline for owners' submission of 2016 monitoring information is Friday, February 10, 2017 at 5 p.m. Owners of each property on the list attached below are required to submit per the directions and on the forms posted below:


Forms:


For more information, please contact Leif Regvall in Asset Management at 408.535.8232, or Tascha Mattos in Asset Management at 408.793.5536.