Alum Rock, a new development planned by Charities Housing, is among the first affordable housing projects to be funded thanks to Launch Initiative, an affordable housing fund managed by Housing Trust aimed to accelerate the start-up and preservation of homes. The $3 million loan to Charities Housing is expected to create 65 new affordable homes.
Located on the East Side of San Jose, Alum Rock is situated at a bus stop that connects residents to downtown San Jose and Emma Prusch Farm Park. It’s also near several restaurants, a pharmacy and houses of worship including Five Wounds Portuguese National Parish. The homes at Alum Rock will range from studios to three bedrooms, with half of the total units aimed for Rapid Rehousing and all will have affordability levels ranging from 30% to 60% area median income (AMI).
“We’re excited to be working towards a new 65 unit Measure A family affordable community on vibrant Alum Rock Avenue and thankful for the land acquisition funding,” said Kathy Robinson, Director of Housing Development at Charities Housing.
The ground floor will contain approximately 3,000 square feet for commercial use. In addition to small businesses, San Jose Councilmember Magdalena Carrasco has suggested cultural and art organizations for the space.