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HONORABLE MAYOR AND CITY COUNCIL April 16,2021 Subject:JPA-issued Bonds for Moderate-Income Housing Page 12 new stimulus funding to address homelessness, and several anti-displacement strategies—remains the top priority for the Housing Department. Reason for not recommending: While staff recommends pursuit of BAHFA as a highly promising partner as a longer-term strategy, staff lacks adequate resources in the short-term to develop this product given COVID response priorities. PUBLIC OUTREACH This memorandum will be posted on the City's Council Agenda website for the April 27, 2021 City Council meeting. COORDINATION This memorandum was coordinated with the City Attorney's Office. FISCAL/POLICY ALIGNMENT The creation of moderate-income housing options is consistent with the City's obligation under its State-certified Housing Element 2014-2023 to meet its Regional Housing Needs Allocation production goals for affordable housing, including those for moderate-income households. It is also consistent with the Housing Crisis Response Workplan and the FY 2020/21—FY 2020/23 Affordable Housing Investment Plan. Focusing staff work on moderate-income housing strategies at this time is misaligned with the City Council's FY 2021-22 Roadmap from March 2021, which de-prioritized this work in favor of COVID response and more important enterprise initiatives. COMMISSION RECOMMENDATION/INPUT The San José Housing and Community Development Commission's focus is to review policies, programs and strategies for affordable housing and community development, rather than specific financing products or transactions;therefore, a review of this specific product is beyond the scope of the Commission's duties. However,the Commission heard an update on moderate-income strategies at its May 9, 2019, meeting. Commissioners' comments relevant to the JPA-issued bond product included support for lowering fees(costs)to support creation of affordable housing, and the importance of producing housing at all levels of affordability.