{"id":326081,"date":"2026-05-21T12:18:08","date_gmt":"2026-05-21T12:18:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/326081\/"},"modified":"2026-05-21T12:18:08","modified_gmt":"2026-05-21T12:18:08","slug":"affordable-homes-project-in-san-jose-gets-boost-from-real-estate-deal","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/326081\/","title":{"rendered":"Affordable homes project in San Jose gets boost from real estate deal"},"content":{"rendered":"

SAN JOSE \u2014 A development that could produce nearly 200 affordable homes near a San Jose BART site is making progress after the project\u2019s key players completed multiple real estate deals linked to the property.<\/p>\n

The project is poised to create 195 apartments at 1565 Mabury Road<\/a> in the Berryessa district of northeast San Jose, documents filed with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

San Diego-based Affirmed Housing<\/a> is leading the efforts to develop the 10-story apartment complex on empty land next to the parking garage for the Berryessa BART station in northeast San Jose, public records show.<\/p>\n

The real estate firm obtained a ground lease from the Santa Clara Valley Transportation Authority, according to the county files. An Affirmed Housing affiliate paid the VTA $11.1 million to lease the land on which the building will sprout.<\/p>\n

Affirmed Housing also has been approved for $162.6 million in permanent financing<\/a> for the development, documents posted by the state Treasurer\u2019s Office show.<\/p>\n

The financing consisted of an array of tax-exempt and other funding instruments such as tax credits. These included $42.3 million from Citibank, $11.1 million from Santa Clara County and $9.9 million from San Jose. Some of these deals were recorded this month.<\/p>\n

The project, when complete, will consist of 193 affordable housing units and two market-rate units for on-site property managers.<\/p>\n

Of the 193 apartments, 45 will be studios, 43 will be one-bedroom units, 53 will be two-bedroom units, and 52 will be two-bedroom residences, Santa Clara County real estate records show.<\/p>\n

The affordable residences will be set aside for households that make no more than 80% of the area median income for Santa Clara County.<\/p>\n

In April 2025, the area median income<\/a> was $195,200 for a household of four and $136,650 for a household of one, a post on the state Housing and Community Development site shows.<\/p>\n

Using an 80% benchmark, the maximum allowed income would be $156,160 for a four-person household and $109,320 for a one-person household.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 A development that could produce nearly 200 affordable homes near a San Jose BART site…\n","protected":false},"author":2,"featured_media":326082,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[380,184,20705,387,7,8,3010,1335,383,1011,1337,1533,181,23,100,14293,388,88,90,89,5406,198,94685,200],"class_list":["post-326081","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-commercial-real-estate","tag-development","tag-economy","tag-housing","tag-housing-development","tag-keywee","tag-latest-headlines","tag-local-news","tag-news","tag-north-san-jose","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-san-jose-real-estate","tag-santa-clara-county","tag-social-alert","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/326081","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=326081"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/326081\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/326082"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=326081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=326081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=326081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}