Housing Trust Silicon Valley was awarded $25,000,000 in NSP2 funds from the Department of Housing and Urban Development (HUD) under the American Recovery and Reinvestment Act (ARRA). To date, NSP2 has created 313 affordable homes, including 93 new homeowners, and 220 affordable rental homes, including 18 permanent supportive housing apartments for those with special needs.
Housing Trust is the lead entity in the San Jose Consortium, which also includes the city of San Jose and Neighborhood Housing Services Silicon Valley. These stimulus funds will be used in targeted areas across NSP2 Census that have been the hardest hit by foreclosures within the City of San Jose. The Consortium will use the funds to provide up to 100 Purchase Assistance Loans to low and moderate income households buying foreclosed and abandoned properties within the designated area. The Consortium will also acquire and rehabilitate up to 105 bank- owned homes for resale to low and moderate income households. Twenty-five percent of the grant total ($6,250,000) is reserved to assist households at or below 50 percent of area median income. These funds, and the leveraging of $2,250,000 in additional funds, will reduce the number of foreclosed or abandoned homes and residential properties in the targeted areas and help to stabilize the housing market.
Visit the NSP2 Reporting Page for the San Jose NSP2 Consortium Action Plan, with amendments.