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 2017 monitoring information is Friday, February 16, 2018 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:
- Certification of Delivery of Public Benefits Form (2017 version)
- Certificate of Continuing Program Compliance (2017 version)
- Certification of Compliance I Form 2000-2016 Projects (2017 version - cut and paste onto project sponsor letterhead)
- Certification of Compliance II - QRRP Revised 06-01-2017
- Certificate of Completion for Qualified Residential Rental Projects
- 8703 Form
- City of San Jose Rent Roll format (released Fall 2016)
For more information, please contact Tascha Mattos in Asset Management at (408) 793-5536.