Housing Trust Silicon Valley, a nonprofit community development financial institution (CDFI) based in San Jose, has utilized the Supportive Housing Fund, a joint fund with the County of Santa Clara, to loan $10 million to Abode Services to acquire 2904 Corvin Drive in Santa Clara for 144 homes – all of which would be affordable and more than half aimed for those experiencing homelessness. The development fits in with the County’s 2016 Measure A objectives to provide affordable housing for veterans, seniors, low income individuals, and other vulnerable populations.
Abode Services is proposing a high-density residential micro studio development at the property. At least half of the homes will be set aside for residents with special needs. The balance will be for households earning at or below 60 percent of AMI. With potential for up to a 35 percent affordable housing density bonus Abode can create the proposed 144 units. The property itself has transit-oriented development features as it close to a bus stop and about a 15 minute walk from Lawrence Station.
“I’m very excited to see another project underway that fulfills the promise we made to voters with Measure A: that we will tackle the region’s housing crisis with projects that are both well-planned and permanent,” said Ken Yeager, Santa Clara County Supervisor. “The 144-unit development on Corvin Drive is a great example of this. Voters entrusted us with a great responsibility when they approved the Measure A housing bond and the County needs great partners such as Abode and Housing Trust Silicon Valley to fulfill that trust. I am excited about the dozens of families that will have an affordable new home at the Corvin Drive site.”
The Supportive Housing Fund is a partnership between the County of Santa Clara and Housing Trust. Funded with $16.7 million in County funds and $5 million from Housing Trust, Supportive Housing Fund loans finance acquisition, predevelopment or construction of permanent housing with supportive services for extremely low income individuals and families and those with special needs.