Housing Trust has made a $4.11 million acquisition loan for Affirmed Housing’s Almaden Apartments development – located on Almaden Road in San Jose. The project is an 80-unit, six-story, 100% affordable multifamily building to consist of 54 homes reserved for extremely low income households earning up to 30% area median income (AMI) and 25 for households earning between 51% to 80% AMI as well as a manager’s unit. Of the extremely low income homes, 27 are reserved for permanent supportive housing (PSH) or rapid rehousing, and 17 project based vouchers shall be issued to support permanent supportive housing units.
In addition to the social services, amenities will include a fitness center and community room. The location is also a short walk to Curtner VTA light rail station, several bus stops, and close to the Tamien Caltrain station. The presence of transit options helps with the design of the building, which plans 30 parking spaces for the 80 homes.
“This is a great, forward-thinking project that will bring safe and secure homes to eighty of our neighbors in San Jose.” said Noni Ramos, Chief Executive Officer of Housing Trust Silicon Valley. “We’re thankful for the opportunity to bring resources together to assist Affirmed Housing and help other affordable home builders here and in the rest of the greater Bay Area.”
Funding for the loan came from TECH Fund, Housing Trust’s campaign to enable Bay Area businesses and philanthropic organizations to invest in affordable housing, as well as the 2015 Loan Pool, whose participants currently include Western Alliance, East West Bank, Beneficial State Bank, Manufacturers Bank and Heritage Bank of Commerce.