(BCN) -- The construction of nearly 200 affordable apartments will break ground next month in South San Jose.
San Jose City Council unanimously approved a $73.7 million multifamily housing revenue bond on June 10 to close the remaining gap needed to finance the $160-million affordable housing development with developer Affirmed Housing. The 191-apartment complex will be 100% affordable housing, with 128 onsite parking spaces.
"Without the city's funds, the project would be significantly delayed. These funds are pivotal to the project's success," Rob Wilkins, Northern California vice president of Affirmed Housing, told San Jose Spotlight.
The balance of the funding includes a separate $19.5 million city loan, $2 million from Santa Clara County's Measure A funds and $27.7 million in state tax credit equity. The developers also received a $55.4 million federal tax incentive through the Low-Income Housing Tax Credit program. The program is a primary source for affordable housing construction nationwide.
Person found dead in overturned vehicle near Sonoma County airportThe Arcade at 1371 Kooser Road will offer 139 apartments for those making 40% to 70% of the area median income, or between $73,700 and $129,010 for a family of four. In addition, 50 apartments will be set aside for unhoused residents and those making less than 30% of the area median income, or under $55,290 for a family of four. Two apartments will be for management. The 7-story development will feature 50 three-bedroom apartments, 48 two-bedrooms, 18 1-bedrooms, and 75 studio apartments.
The building will be partially powered by solar and have energy-efficient appliances, in addition to an outdoor area for hosting barbecues, a computer room and free VTA passes for all residents.
Construction was originally scheduled to start in 2023, but Wilkins said financing took longer than expected. Construction will commence next month, with an anticipated December 2027 completion date.
Vice Mayor Pam Foley, whose District 9 includes The Arcade site, did not respond to requests for comment.
Affirmed Housing has multiple affordable developments underway. The Berryessa Transit Center project will add 195 affordable apartments to North San Jose. The developer will transform the busy transit corridor on King Road, which runs runs parallel to the site, with several miles of bus-only lanes, bike lanes and 29,000 feet of walkways.
Last year, the developer received a $38 million grant to build the Berryessa apartments. The grant came from the Affordable Housing and Sustainable Communities Program, which finances projects that integrate affordable housing and environmental sustainability.
Affirmed Housing has also developed four other properties in San Jose, including Villas on the Park, San Jose's first affordable housing development built with Measure A money, Vitalia, Fairways and Vela.
The Arcade will be the developer's second largest project in San Jose, after the Berryessa site.
Mother arrested for fabricating son’s disappearance: PDAlex Shoor, cofounder and executive director of nonprofit Catalyze SV, said the more affordable housing developed in San Jose, the better.
"Everyone is touched by the housing shortage," Shoor told San Jose Spotlight. "How great will it be to have your neighbors who are homeless no longer be homeless and just be neighbors living in the apartment near you? That's a whole lot better for everyone involved. Every homeless individual that we can get into housing in the neighborhood means they're not on the street, on your street corner."
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