Newly Funded

87 Home Project by Affirmed Housing Comes to San Jose

Rendering of Alum Rock in San Jose

Housing Trust Silicon Valley has made a $4 million acquisition loan to Affirmed Housing for Alum Rock – an 87 home development in San Jose – which will be modeled closely on a previous project we helped fund, Villas on the Park.

Currently an underused retail location, Affirmed plans to ultimately operate an 87 home site with 49 homes for families or individuals earning up to 30% Area Median Income (AMI). Of the 49 homes at 30% AMI, 29 will be designated for permanent supportive housing (PSH) and 14 will be for rapid rehousing (RRH).

The remaining homes will include 10 for individuals or families earning up to 50% AMI, 18 for families and individuals earning up to 60%, 9 units for families and individuals earning up to 80%. The affordability mix meets the Development Priorities in the Measure A Supportive Housing Loan Guidelines as a total of 50% of the units will be for PSH and RRH units. The project was funded from the 2015 Loan Pool; participants include Western Alliance, East West Bank, First Bank, Beneficial State Bank, Manufacturers Bank and Presidio Bank.