Housing Trust made a $4.3 million acquisition loan to RCD for Quetzal Gardens in the Little Portugal area of East San Jose. Quetzal Gardens will be six stories and the first two floors of the development will consist of a lobby, retail space for community serving non-profits and a parking garage. All 70 apartments will…
Newly Funded
Loan to Hello Housing Preserves Affordability of East Palo Alto Homes
March 31, 2017
Housing Trust is providing a $610,313 loan to Hello Housing, a nonprofit affiliate of MidPen Housing to acquire three single family homes on Garden Street in East Palo Alto, San Mateo County. The three homes are currently rented to low-income tenants. When the tenants decide to move, Hello Housing may use the homes to create ownership opportunities…
Newly Funded
Loan in Livermore Helps Fund Homes for People with Special Needs
January 31, 2017
Housing Trust is providing a predevelopment loan in the amount of $500,000 to MidPen Housing for Sunflower Hill, a 45-apartment community in Livermore serving individuals with developmental disabilities. Sunflower Hill was formed as a nonprofit in 2012 by families of children with special needs to develop 45 apartments of affordable housing for adults with developmental…
Newly Funded
Villas on the Park Coming to Downtown San Jose
December 15, 2016
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…
Newly Funded
Fuji Towers Apartments
December 9, 2016
Housing Trust Silicon Valley is providing a pre-development loan in the amount of $500,000 to Fuji Towers, a HUD-financed 140 apartment senior housing development in the Japantown neighborhood of San Jose. Fuji Towers opened 40 years ago to house low-income Japanese-American residents. The resident population has diversified over the years, but remains a vibrant and close…
Newly Funded, Updates
Atherton Court Apartments – MidPen Housing
December 5, 2016 Housing Trust Silicon Valley is providing a loan in the amount of $11.2m to MidPen Housing Corporation for acquisition of the 55-unit Atherton Court Apartments. If it weren’t for MidPen’s purchase of Atherton Court, the apartments could have been sold to a market-rate developer, putting existing low-income tenants at risk of massive rent increases and displacement. As…
Newly Funded
Loan Helps Visionary Home Builders Create New Housing in Stockton
September 16, 2016
Visionary Home Builders of California are receiving Housing Trust’s first loan in the city of Stockton. The $472,500 loan will go toward helping Visionary buy undeveloped lots in a subdivision that was left incomplete by the recession. The intention is to build 21 new homes to be sold to first-time home buyers making no more than…
Newly Funded
BAREC Site Development – Core Affordable Housing
May 25, 2016
Core Affordable Housing will be building 359 units on the BAREC site in Santa Clara. HTSV is lending $2,250,000 to Core to prepare the site for development of a project dubbed Agrihood. The site is the former University of California Bay Area Research and Extension Center (BAREC), and was used for agricultural research. BAREC will be a…
Newly Funded
Senior Housing on Stevens Creek
May 12, 2016
Charities Housing Development is receiving a $3,000,000 loan for Senior Homes on Stevens Creek. Charities will use the loan to acquire land in Cupertino to build 19 units for low-income seniors. Cupertino, home of Apple, has not had a new affordable rental project in more than 10 years. Rents will be between $550 and $945 per month,…
Newly Funded
Newly Funded: $1.1 Million for Embark Apartments
June 25, 2015
Housing Trust is providing a $1.1 million acquisition loan to Resources for Community Development (RCD) for Embark Apartments, a 60-unit development for households at or below 30-60% of area median income. The ground floor will have management offices and a large multipurpose community room next to a parking garage, with apartments above. Embark Apartments’ proximity…