Eden Housing's new Transit-Oriented Development in Downtown San Jose and Preserving Homes in Santa Rosa
Newly Funded issue date: April 12, 2019
TECH Fund Goes to Work With Loan for 130 Home Transit-Oriented Project in Downtown San Jose
TECH Fund - which got a boost recently from
Sunnyvale-based NetApp investing $10M in the campaign - contributed to the second-largest loan in Housing Trust's history by providing a $13.75 million acquisition loan to Eden Housing. The project is called SJ Auzerais Apartments and will be on a sought - after location in downtown San Jose.
Like the
record loan made to First Community Housing last summer, the proposed 130-apartment development is a transit-oriented one with less space for private cars and
provides little reason to own one. The parking allotment is 1/2 space per unit but transit passes will be available to residents. In addition, the location itself on Delmas/Auzerais Avenue is a five minute walk to Children's Discovery Museum light rail station, less than a ten minute walk from two Ford GoBike stations and a 15 minute walk to San Jose Diridon Station. VTA bus options are also available a block away on W. San Carlos Street.
Eden also plans to integrate bicycle parking in a secure location on the property and provide a convenient pick up and drop off location for rideshare companies. Half of the planned unit mix is aimed at those earning 30% of area median income (AMI), 17% of units at 40% AMI, 17% at 50% AMI, and the remainder at 60% AMI.
With this new loan, TECH Fund has now helped create or preserve 2,170 homes across 19 sites just two years after the campaign was created. As of today TECH Fund investors include Cisco Foundation, The Grove Foundation, LinkedIn, NetApp, David & Lucile Packard Foundation, Pure Storage and The Sobrato Family Foundation.
For more information on TECH Fund click here.
350 Affordable Homes Preserved in San Jose, Santa Rosa
While Housing Trust is proud to share the news of affordable housing that is going to be built from the ground up we're equally excited to engage with borrowers to preserve the affordable homes we already have.
Core Companies' Markham Plaza - a 153 home, four story rental complex just a few miles south of Housing Trust's office in downtown San Jose - has received a $1.3 million loan utilizing the Supportive Housing Fund - a partnership between Housing Trust Silicon Valley and the County of Santa Clara. The intent of this revolving loan fund is to reduce homelessness by creating permanent housing with supportive services for extremely low-income individuals and families as well as those with special needs. SHF loans can finance acquisition, predevelopment or construction of permanent supportive housing.
Completed in 2003, the monthly rent for half of the apartments is
affordable to households earning 35% of AMI or below, while half of the homes are affordable to households earning 50% of AMI or below.
In addition, Eden Housing's Quail Run in Santa Rosa, an existing 200 home apartment complex, is drawing from TECH Fund to purchase limited partner rights prior to re-syndication and complete some immediate repairs on the development. All homes at the site are restricted at 60% AMI levels. The loan marks the first time TECH Fund has been utilized in Santa Rosa. Since the city lost an estimated 5% of its total housing stock during the deadly Tubbs Fire in October 2017, every preserved affordable home truly matters.
For more information on HTSV lending programs, contact
