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Council advances multifamily incentive program and commits loans for affordable projects
Summary
Council approved tax/fee waivers and program amendments to accelerate several multifamily projects, added a project from Federal Realty (Santana Row), and approved a construction loan commitment for a deeply affordable 195‑unit transit‑oriented development adjacent to the Berryessa BART station.
The San Jose City Council on May 13 approved multiple actions intended to accelerate housing production: tax and fee waivers for a large market‑rate development on West San Carlos, an amendment to the Multifamily Housing Incentive Program to add capacity and include a predecessor fund (AHIP), and a construction‑period loan commitment for a new 195‑unit all‑affordable development slated for the Berryessa transit‑oriented area.
Key approvals and project highlights - 498 West San Carlos (Urban Catalyst): Staff recommended, and council approved, fee waivers and partial construction‑related tax reductions under the council’s multifamily housing incentive program to support an eight‑story development that will…
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