BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL October 24, 2023
City Council Item 8.1
Kemit Mawakana
Division Manager, Housing Department
Banu San
Housing Policy Planning Administrator, Housing Department Qianyu Sun
Deputy Director, Finance Department
Approval of the Bond
Issuance for the Dry Creek
Crossing
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Dry Creek Crossing
Located at site on 2388 South Bascom Ave.
Developed by partnership between:
• CRP Affordable Housing and Community
Development LLC and Pacific Southwest
Community Development Corporation
63 apartments for extremely low-income, very low-
income, low-income, and moderate-income
individuals and families
15% will be accessible in accordance with ADA
requirements
69% are 2-bed and 3-bed apartments
Located in Affordable Housing Expansion Area and
South Bascom Urban Village plan
211/29/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Dry Creek Crossing – Funding
311/29/2022
Source Amount Private or Public Type of Funding
Bank Loan $10,050,000 Private Lender Loan
City of San José $9,450,000 Public Loan
Developer
Contribution
$5,083,405 Private Investment Capital Contribution
Private Equity
Investment
$37,047,108 Private Investment Equity
Total $61,630,513
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Tax Exempt Notes
410/23/2023
Provide low-cost financing (through tax-exempt notes) for developers along with low-income housing tax credit
The City is the ”conduit issuer” and the City's taxing power and credit are NOT pledged to the notes
Protect other subordinate loans the City has made to the developer to subsidize housing
Collect issuance and annual fees to recover some costs
The borrower is required to fulfill compliance responsibilities
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Note Structure
510/23/2023
Bank as Bond or
Note Purchaser
City as Conduit Issuer
Borrower
Bond/Governmental Note
Proceeds
Borrower Loan
Bond/Governmental Note
Repayments
Borrower Loan Repayments
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL October 24, 2023
City Council Item 8.1
Kemit Mawakana
Division Manager, Housing Department
Banu San
Housing Policy Planning Administrator, Housing Department Qianyu Sun
Deputy Director, Finance Department
Approval of the Bond
Issuance for the Dry Creek
Crossing