Housing Trust is providing a $1 million pre-development loan for Villas on the Park, an 83-apartment complex on Second Street in downtown San Jose. The plan includes 78 apartments for permanent supportive housing and five apartments for interim housing for up to 20 residents — all for individuals who have incomes below 35% of area median income. Villas on the Park is a joint venture between Affirmed Housing Group, Inc. and People Assisting the Homeless (PATH) and will provide enhanced services for the formerly chronically homeless.
By making this loan to Villas on the Park, the Housing Trust is providing capital that is unavailable from other sources to move the project forward. Loan funds come from a combination of the Housing Trust’s own capital and the Supportive Housing Fund, a partnership between Housing Trust and the County of Santa Clara. The intent of this revolving loan fund is to reduce homelessness by creating permanent housing with supportive services for extremely low-income individuals and families and those with special needs.
Founded in 1990, Affirmed has successfully developed 42 communities with more than 3,000 affordable rental and for-sale apartments and homes. Founded in 1984 PATH is a family of agencies working together to end homelessness for individuals, families and communities. PATH will provide on-site support for the Villas at the Park. This is the second property of this type sponsored by Affirmed and PATH.