TECH Fund Brings $4.74 Million Loan to Affirmed Housing for 88 Affordable Homes Housing Trust has made a $4.74 million loan to Affirmed Housing for 3090 South Bascom Avenue in San Jose to create 88 affordable homes – half of which will be permanent supportive housing, in line with Santa Clara County’s Measure A priorities.
“This site provides an opportunity to add much needed housing in a ripe location for development, while offering additional commercial space onsite and moving the Guitar Showcase next door,” said Rob Wilkins, Regional Director for Affirmed’s northern California operations. “We believe it strikes the correct balance between the provision of housing, while remaining sensitive to business displacement and the jobs-housing imbalance in San Jose. We are looking forward to working with the community in realizing a shared vision for the site.”
Of the 44 homes for permanent supportive housing, nine will be intended for rapid rehousing. Eighteen of the homes will be reserved for individuals and families earning up to 50% area median income (AMI), 13 for those earning up to 60% AMI, 11 for those earning up to 80% AMI, and two manager units. The site is a three-minute walk from a Bascom and Jewell VTA bus station and walking distance from groceries, schools and restaurants.
This is the third loan Housing Trust has made to Affirmed Housing for a permanent supportive housing project – the previous loans being Villas on the Park and Alum Rock, also in San Jose.
Funds for the loan came from TECH Fund, which currently includes Cisco, Google, The Grove Foundation, LinkedIn, NetApp, the David & Lucile Packard Foundation, Pure Storage and Sobrato Family Foundation as investors. The most recent investment was made in July, when new investor Google brought $50 million – which made the total size of TECH Fund $112 million and pushed the number of homes created or preserved past 2,300.