Transition is the key word to describe both the Roosevelt Park Apartments and the downtown San Jose neighborhood where the project will be built with the help of a $4.85 million acquisition/predevelopment loan from Housing Trust Silicon Valley. It’s located in the Roosevelt Park Urban Village, one of several urban villages envisioned throughout the City of San José designed to convert vacant and underutilized areas into thriving, higher density neighborhoods.
First Community Housing’s newest development will provide 80 homes for low income young adults and families – many of whom will be transitioning out of homelessness. Roosevelt Park will host 20 supportive housing units, and 20 of the apartments will be reserved for rapid re-housing, an intervention strategy that will get families and youth living on the street or in an emergency shelter into permanent housing. The remainder of the apartments will be affordable to families earning 30-60% of the Area Medium Income.
This loan is funded in part by the Supportive Housing Fund, a partnership between the County of Santa Clara and the Housing Trust, and our TECH Fund. The development aligns with the goals laid out in Measure A, the $950 million bond approved by Santa Clara County voters in November to preserve and expand affordable housing for residents in need.