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City Funded

Annual Compliance Reporting for City-Funded Properties

All properties with a recorded Affordability Restriction must adhere to current Income and Rent Limits for each development's sources, and to the current utility schedule when determining tenant income eligibility and setting maximum rents for the City's designated programs. In situations where there are multiple affordability restrictions/income or rent limits set by different funding requirement or jurisdiction, the Project must adhere to the strictest requirement so it can meet all of the layered restrictions.

In addition to ensuring property-related income and rent requirements are met each year, the Asset Management Team also ensures that project reserves are used appropriately, that the City receives accurate annual repayments of its loans, and that changes in existing projects' financial structures and owners are approved per the City's business terms.

Below is the Annual Compliance Reporting Schedule for City funded projects.

Annual Compliance Reporting Schedule

  1. Due May 1 (or October 31 for projects with FYE June 30):
    • Project's Annual Audited Financial Statements
    • City of San José Net Cash Flow Statement (Part of Audit)
    • Net Cash Flow Payment (if applicable)
    • Summary of Replacement Reserve Expenditure (Consistent with Audit)


  2. Due August 1:
    • Rent Roll dated as of June 30 in City approved format
    • Annual Owner Certificate of Program Compliance
    • Fair Housing Compliance Submission


  3. Due October 31 (or May 1 for projects with FYE June 30):
    • Proposed Operating Budget and Proposed Schedule of Rental Income
    • (Updated) Five-Year Capital Improvement Plan


  4. Evidence of Insurance Coverage with the City of San José as Co-Insured/Additional Loss Payee is due prior to expiration of coverage.

Please submit all documents electronically to with the name of the project in the subject line of the email.

Detailed instructions and Forms & Templates for the Annual Compliance Submissions are located on the City's website.

For questions regarding affordability compliance, loan repayments, and transactions on City-restricted developments, please contact:

Management Memos and Administrative Notices

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