{"id":300844,"date":"2026-05-05T14:08:07","date_gmt":"2026-05-05T14:08:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/300844\/"},"modified":"2026-05-05T14:08:07","modified_gmt":"2026-05-05T14:08:07","slug":"affordable-homes-are-set-to-sprout-in-san-jose-after-property-deal-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/300844\/","title":{"rendered":"Affordable homes are set to sprout in San Jose after property deal"},"content":{"rendered":"

SAN JOSE \u2014 Hundreds of affordable homes could sprout near a San Jose train station after a long-time Bay Area developer and an experienced builder of affordable homes teamed up to buy the site for the project.<\/p>\n

Green Valley Corp., headed by veteran developer Case Swenson, joined forces with Pacific Housing Inc. to buy a triangle-shaped section of a 13-acre site at 1655 Berryessa Road in East San Jose<\/a>, documents filed in Santa Clara County show.<\/p>\n

The project is slated to produce 260 apartments<\/a>, of which 257 will be affordable units. Three of the apartments will be market-rate manager\u2019s units, a file posted by the state Treasurer\u2019s Office shows.<\/p>\n

An affiliate controlled by Green Valley and Pacific Housing paid roughly $15 million to purchase the development site, according to a grant deed filed on May 5 with the County Recorder\u2019s Office.<\/p>\n

The sellers in the deal were five family trusts headed up by members of the Facchino family that had owned the property<\/a> for decades, the county documents show.<\/p>\n

The Facchino family started in the trucking business in 1931 at Sixth and Taylor streets near downtown San Jose. The family bought the Berryessa Road property in 1972.<\/p>\n

\u201cThe completion of this sale between the Facchino family and the Swenson organization will deliver badly needed affordable housing within walking distance to the Berryessa BART Station,\u201d said Ralph Borelli, a San Jose-based real estate executive who arranged the transaction.<\/p>\n

The Green Valley and Pacific Housing affiliate also landed $130.5 million in funding from the California Municipal Finance Authority, the county documents show. The finance entity transferred the loan to Delaware-based Wilmington Trust, which now holds the note.<\/p>\n

\u201cThis project checks a number of the city\u2019s land-use policy boxes,\u201d said Erik Schoennauer, a San Jose-based land-use and planning consultant.<\/p>\n

Schoennauer added that the housing would be built near parks, shops and restaurants.<\/p>\n

Berryessa Family Apartments is the name of the affordable housing development, according to a post by the Treasurer\u2019s Office.<\/p>\n

The project will have 93 one-bedroom units, 102 two-bedroom units, and 65 three-bedroom units, serving families with rents affordable to households earning 30% to 70% of the area median income.<\/p>\n

In April 2025, the area median income for Santa Clara County<\/a> was $136,650 for a household of one and $195,200 for a household of four, according to the state Housing and Community Development Department. Updated numbers for 2026 hadn\u2019t been posted in time for the publication of this story.<\/p>\n

This would mean the income limits at this development would range from $40,995 to $95,655 for a one-person household, and from $58,560 to $136,640 for a household of four people.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 Hundreds of affordable homes could sprout near a San Jose train station after a long-time…\n","protected":false},"author":2,"featured_media":300845,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[380,184,20705,387,7,8,1335,10150,383,1011,1337,1533,181,23,100,388,88,90,89,198,94685,200],"class_list":["post-300844","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-affordable-housing","tag-bay-area","tag-berryessa","tag-business","tag-california","tag-california-news","tag-development","tag-east-san-jose","tag-economy","tag-housing","tag-housing-development","tag-keywee","tag-latest-headlines","tag-local-news","tag-news","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-santa-clara-county","tag-social-alert","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/300844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=300844"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/300844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/300845"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=300844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=300844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=300844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}