Developer: The Core Companies
Housing Trust Loan: $1,500,000 Predevelopment
Units: 220
Population Served: Families earning 30% to 70% AMI
Congratulations to The Core Companies on closing predevelopment financing for Gateway Tower, a future 220-home, 100% affordable housing community in the SoFA area (South of First Area) of downtown San Jose. Housing Trust supported the project with a $1.5 million predevelopment loan through our TECH Fund, helping advance the development toward construction, which is expected to begin in June 2026. The new community will serve families earning between 30% to 70% AMI.
Our $1.5 million loan provides The Core Companies with essential cash flow management during the lengthy predevelopment phase, allowing them to reimburse significant upfront investments already made in architecture, engineering, design, and entitlement work. This flexible capital bridges the gap between initial project investments and construction financing, enabling the developer to advance the project through years of complex planning stages without straining their working capital.
Gateway Tower represents an important shift in downtown San Jose’s housing priorities. Originally entitled as a market-rate tower, the project was reapproved as 100% affordable housing, reflecting the City’s growing focus on expanding affordability in transit-oriented neighborhoods. The 15-story development will feature a large outdoor amenity deck with dining and seating areas, a community garden, and pet-friendly spaces. The community will also include 65 Project-Based Vouchers, which provide long-term rental subsidies for extremely low-income households, and Rapid Rehousing units to help individuals exiting homelessness stabilize in permanent housing.
Housing Trust and The Core Companies share a long-standing partnership advancing affordable housing in the region. With this loan, we have now partnered together on 13 projects totaling $18.3 million invested to help create more than 1,220 affordable homes.
The TECH Fund was a first-of-its-kind initiative that united the Bay Area’s leading technology companies, philanthropy, and community partners to accelerate affordable housing across the region. Building on that momentum, our Building Impact Initiative expands opportunities for mission aligned investors to help create more affordable homes, with the goal of creating or preserving 7,400 affordable homes across the Bay Area. Learn how you can help support our work at housingtrustsv.org/invest.