Developer: Eden Housing
Housing Trust Loan: $13,500,000
Units: 145 Townhouse Style Homes
Population Served: Families Earning Between 35% to 60% AMI
Congratulations to our partner Eden Housing on closing refinancing for Eden Palms in south San Jose! Housing Trust provided a $13.5 million refinance loan funded by our Building Impact Initiative, which will allow Eden Housing to prepare for a future resyndication, which brings in new tax-credit investment to fund renovations, and also preserve and extend long-term affordability for the residents who call Eden Palms home.
Eden Palms includes 145 townhouse style homes with two, three, and four bedroom units for families earning 35% to 60% AMI. The property has provided affordable family homes for 30 years and is located in a thriving community near an elementary school, a high school, shopping, parks, and public transportation, with an onsite pre-school that offers childcare for residents.
Our collaboration with Eden Housing goes back to our early years. Since 2003, we’ve closed 20 loans together totaling $74.8 million, helping individuals and families in the greater Bay Area access stable, affordable housing.
Another project we closed through Building Impact Initiative is Danco Communities’ 348 Park Street Senior Housing in Moraga. The Initiative is a $200 million campaign that builds on the proven impact of TECH Fund, which has helped create and preserve 7,000 affordable homes by providing flexible, below-market capital that helps developers move projects forward and strengthen communities. To learn more about the Building Impact Initiative and how you can support it, contact JulieQ@housingtrustsv.org.