SAN JOSE — An affordable housing development proposed for a San Jose site near downtown and a light rail stop has landed some key chunks of construction financing needed to build the project.
The project is known as Lupina and would produce 99 affordable units at 797 S. Almaden Ave. in San Jose, documents on file with city planners show.
The overall project’s cost, including financing, land acquisition, and miscellaneous items, is $98.6 million, according to documents posted by the California Tax Credit Allocation Committee, which oversees tax credits for affordable housing projects.
The development has landed two construction loans, according to documents filed on Nov. 7 with the Santa Clara County Recorder’s Office.
JPMorgan Chase provided the project with $53.3 million in construction financing, while Santa Clara County provided $28.9 million in construction loans, separate real estate documents show.
Resources for Community Development, a Berkeley-based affordable housing firm, is developing the project through an affiliate, county records show.
“The project will have 26 studio units, 28 one-bedroom units, 25 two-bedroom units, and 20 three-bedroom units,” Resources for Community Development states on its website.
Marketing for the project is slated to begin in March 2027. The development is slated to be completed in August 2028, and occupancy should begin in that same month.
It wasn’t immediately clear when construction would begin, but the availability of construction funds likely makes a building start to occur sooner rather than later.
The ground floor will include about 2,300 square feet of community-serving commercial space, according to Resources of Community Development. The project will also feature 3,300 square feet of open space on South Almaden Avenue.
The project’s units will be set aside for people making 30% to 60% of the area’s median income, according to the developer.
In 2025, the Santa Clara County area median income was $195,200 for a household of four people and $136,650 for a one-person household, according to an April 2025 post by the state Housing and Community Development Department.
This would suggest project income limits that would range from $58,560 to $117,120 for a four-person household. For a one-person household, the project income limits could range from $40,995 to $81,990.
Nineteen units would be set aside for households at the 30% of the area’s median income level, the anticipated monthly rent would be about $545 a month, including utilities, information posted by the California Tax Credit Allocation Committee shows.
For the other 80 units, depending on the size, rents could range from $1,036 to $2,488 a month, including utilities.
“Located near the Virginia VTA light rail station and downtown San Jose, this mixed-use development will provide residents access to a variety of local and regional amenities,” Resources for Community Development states on its website regarding the Lupina project in San Jose.