{"id":49648,"date":"2025-11-12T15:12:11","date_gmt":"2025-11-12T15:12:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/49648\/"},"modified":"2025-11-12T15:12:11","modified_gmt":"2025-11-12T15:12:11","slug":"san-jose-affordable-housing-project-secures-82-million-debt","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/49648\/","title":{"rendered":"San Jose Affordable Housing Project Secures $82 Million Debt"},"content":{"rendered":"

JPMorgan Chase<\/a> and Santa Clara County<\/a> provided crucial financing for an affordable housing development proposed in San Jose.\u00a0<\/p>\n

Berkeley-based affordable housing firm Resources for Community Development landed $53.3 million in construction financing from JPMorgan Chase and $28.9 million in construction loans from the county for a 99-unit project at 797 South Almaden Avenue, the Mercury News reported<\/a>.<\/p>\n

The $82.2 million in financing works out to $830,300 per unit.<\/p>\n

Total project cost, including financing, land acquisition and other expenses is $98.6 million, according to documents from the California Tax Credit Allocation Committee cited by the outlet. That\u2019s $996,000 per unit<\/a>.<\/p>\n

The development is expected to have 26 studio units, 28 one-bedrooms, 25 two-bedrooms and 20 three-bedrooms, all offered to tenants making between 30 and 60 percent of the area median income.\u00a0<\/p>\n

The area median income for Santa Clara County is $136,650 for one person or $195,200 for a household of four, meaning annual incomes required for access would be between $41,000 and $117,000.\u00a0<\/p>\n

Nineteen of the units would be set aside for households at 30 percent of local area median income.\u00a0<\/p>\n

Anticipated monthly rent for these units would be about $545 a month for the 19 units set aside for very low-income tenants. The other 80 units would range in from $1,036 to $2,488 per month. The rents include utilities.<\/p>\n

The complex will have 2,300 square feet of ground-floor commercial space. There will also be 3,300 square feet of open space facing South Almaden Avenue.\u00a0<\/p>\n

Affordable housing developments have traded at massive price points this year.<\/p>\n

A Greystar affiliate in September sold Park Kiely<\/a>, a 948-unit property at 355 Kiely Boulevard, to real estate firm Standard Communities, nonprofit Housing on Merit and investment company Vistria Real Estate for $370 million, marking the priciest multifamily transaction in the Bay Area this year.\u00a0<\/p>\n

Earlier this summer, Post Glen Group and Affordable Housing Access bought the 288-unit Orchard Glen<\/a> apartments at 3975 Seven Trees Boulevard for $61.1 million.\u00a0<\/p>\n

\u2014 Chris Malone M\u00e9ndez<\/a><\/p>\n

\tRead more
\n\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"Post\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

San Jose affordable apartment complex trades hands for $61M<\/p>\n

\t\t\t<\/a>
\n\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tAffordable housing\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

Greystar scores priciest multifamily sale on San Jose affordable resi<\/p>\n

\t\t\t<\/a>
\n\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"Family\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

Family trust wants to build nearly 500 affordable homes in San Jose<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"JPMorgan Chase and Santa Clara County provided crucial financing for an affordable housing development proposed in San Jose.\u00a0…\n","protected":false},"author":2,"featured_media":49649,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[32152,32151,88,90,89],"class_list":{"0":"post-49648","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-jose","8":"tag-chris-malone-mendez","9":"tag-residential","10":"tag-san-jose","11":"tag-san-jose-headlines","12":"tag-san-jose-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/49648","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=49648"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/49648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/49649"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=49648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=49648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=49648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}