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Newly Funded issue date: October
17, 2019
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TECH Fund Brings $4.74 Million Loan to Affirmed Housing for 88 Affordable Homes - Half for Permanent Supportive Housing
Housing Trust has made a $4.74 million loan to Affirmed Housing for 3090 South Bascom Avenue in San Jose to create 88 affordable homes - half of which will be permanent supportive housing, in line with Santa Clara County's Measure A priorities.
"This site provides an opportunity to add much needed housing in a ripe location for development, while offering additional commercial space onsite and moving the Guitar Showcase next door," said Rob Wilkins, Regional Director for Affirmed's northern California operations. "We believe it strikes the correct balance between the provision of housing, while remaining sensitive to business displacement and the jobs-housing imbalance in San Jose. We are looking forward to working with the community in realizing a shared vision for the site."
Of the 44 homes for permanent supportive housing, nine will be intended for rapid rehousing. Eighteen of the homes will be reserved for individuals and families earning up to 50% area median income (AMI), 13 for those earning up to 60% AMI, 11 for those earning up to 80% AMI, and two manager units. The site is a three-minute walk from a Bascom and Jewell VTA bus station and walking distance from groceries, schools and restaurants.
This is the third loan Housing Trust has made to Affirmed Housing for a permanent supportive housing project - the previous loans being
Villas on the Park
and
Alum Rock
, also in San Jose.
Funds for the loan came from TECH Fund, which currently includes Cisco, Google, The Grove Foundation, LinkedIn, NetApp, the David & Lucile Packard Foundation, Pure Storage and Sobrato Family Foundation as investors. The most recent investment was made in July, when new investor Google brought $50 million - which made the total size of TECH Fund $112 million and pushed the number of homes created or preserved past 2,300.
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$1.48 Million Loan to Bill Wilson Center for Transitional Housing Placement Program
Bill Wilson Center, which provides services and support for youth and families experiencing homelessness, purchased a single-family home in Santa Clara County to support the expansion of the Transitional Housing Placement Program.
The home was being leased by Bill Wilson Center for the program when the owner decided to sell. There was nothing preventing the seller from seeking a market rate sale, which would have placed the residents at risk of being displaced. Housing Trust provided a term loan for acquisition from our CDFI Bond Guarantee Program allocation, helping BWC preserve the home for this vulnerable population.
Bill Wilson Center had been a champion of AB 1235, a California bill that, among other important achievements, expanded the number of nights youth can stay at youth homelessness prevention centers - which would give them more time to find stable housing.
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$800K Bridge Loan to Second Street Studios
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| First Community Housing project Second Street Studios |
First Community Housing received a $800,000 bridge loan for Second Street Studios, a 135 home project for which Housing Trust had provided predevelopment funding.
Following the groundbreaking in late 2017, Second Street Studios, t
he first new construction of 100% permanent supportive housing in San Jose, has had different financing needs than most area multifamily developments - including a loan between the end of construction and permanent loan closing.
Second Street Studios began
welcoming residents in May of this year
and had its official grand opening in August. In addition to predevelopment funding and this bridge loan, Housing Trust supported the project with our Silicon Valley Turkey Trot funded Finally Home security deposit program, which provided security deposit grants to 127 of the 135 residents of the project.
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All loans begin with a conversation. For more information on Housing Trust Silicon Valley lending programs, contact
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