Newly Funded

$1.4 Million Loan to First Community Housing Preserves Affordable Homes in San Jose

Griselda and family in the community garden at Betty Ann Gardens

A $1.4 million loan was made to First Community Housing to purchase the investor limited partner’s interest for Betty Ann Gardens – an existing FCH project. A portion of the loan will also be used for predevelopment costs to rehabilitate the individual homes. 

The move helps preserve 76 affordable apartments in the city’s Berryessa District with 15 homes aimed at families earning up to 30% AMI and 60 intended for families earning up to 60% AMI. The development, which features four three-story buildings, is known for its community gardens: 18 garden beds were installed several years ago with residents invited to adopt a garden plot. Currently, every plot is being used – including one by the kids at Betty Ann Garden’s after school program.

Griselda, her husband Rafael and their three children have called Betty Ann Gardens home for six years and Griselda still remembers the joy when getting the call – four months after being on the waiting list – and getting the apartment. “It’s a safe environment to live in and raise a family,” she said. “We enjoy gardening as a family and being part of the classes offered here. We’re grateful for a place that gives families like mine the opportunity to afford a decent place to live.”