Description
Title: Lower Income Voucher and Equity Program.
Summary
The Lower Income Voucher and Equity Program (L.I.V.E. San José Program) aims to address affordable housing in San José by master-leasing approximately 197 units at Reed and Market Streets. This initiative will provide income-restricted rental options for households earning between 80% and 110% of the Area Median Income (AMI), with a preference for public employees, including police and fire department personnel. The program is supported by a total funding commitment of up to $11.2 million from the Real Property Transfer Tax Fund and Low and Moderate Income Housing Asset Funds. By stabilizing a distressed asset, the program seeks to preserve housing availability and stabilize downtown property values, while allowing the City to recoup its investment through equity participation. This legislative action