Update (10/19/15) - Residential developments that started construction in San José's redevelopment project areas by approximately 2010 have an Inclusionary Housing requirement, which specifies a percentage of the units are to be made affordable to buyers and renters of those inclusionary units. If developers chose to build the homes instead of opting to pay in-lieu fees, the City's Asset Management team ensures ongoing compliance with developments' recorded affordability covenants for rental properties.
All rental developments with recorded Affordability Restrictions must adhere to current Income and Rent Limits, and to the current utility schedule when determining tenant income eligibility and setting maximum rents.
In situations where there are multiple affordability restrictions/income or rent limits set by different funding requirements or jurisdiction, the Project must adhere to the strictest requirement so it can meet all of the layering restrictions.
Financial documentation and verification of ongoing eligibility are required on an annual basis or quarterly if required by the regulatory agreement. Rent Rolls that summarize tenant income and rents must be submitted electronically as an excel spreadsheet using the following Rent Roll form.
For questions regarding affordability compliance, please contact the Manager of Asset Management:
- Tascha Mattos