Description
Title: Final Adoption of Ordinances.
Summary
The proposed legislation for the City of San Jose amends various sections of the municipal code concerning the Downtown Residential Incentive Program. It aims to encourage residential development by providing tax waivers for construction projects. Specifically, the ordinance offers a 100% tax waiver for up to 500 units that secure building permits by December 31, 2026, and a 50% waiver for an additional 1,000 units by December 31, 2027. This legislation affects developers and potential residents in the downtown area, encouraging the creation of affordable housing units. The ordinance also emphasizes compliance with state licensing requirements and aims to address housing shortages, ultimately enhancing access to affordable housing options in San Jose.