TECH Fund – which got a boost recently from Sunnyvale-based NetApp investing $10M in the campaign – contributed to the second-largest loan in Housing Trust’s history by providing a $13.75 million acquisition loan to Eden Housing. The project is called SJ Auzerais Apartments and will be on a sought – after location in downtown San Jose.
Like the record loan made to First Community Housing last summer, the proposed 130-apartment development is a transit-oriented one with less space for private cars and provides little reason to own one. The parking allotment is 1/2 space per unit but transit passes will be available to residents. In addition, the location itself on Delmas/Auzerais Avenue is a five minute walk to Children’s Discovery Museum light rail station, less than a ten minute walk from two Ford GoBike stations and a 15 minute walk to San Jose Diridon Station. VTA bus options are also available a block away on W. San Carlos Street.
Eden also plans to integrate bicycle parking in a secure location on the property and provide a convenient pick up and drop off location for rideshare companies. Half of the planned unit mix is aimed at those earning 30% of area median income (AMI), 17% of units at 40% AMI, 17% at 50% AMI, and the remainder at 60% AMI.
With this new loan, TECH Fund has now helped create or preserve 2,170 homes across 19 sites just two years after the campaign was created. As of today TECH Fund investors include Cisco Foundation, The Grove Foundation, LinkedIn, NetApp, David & Lucile Packard Foundation, Pure Storage and The Sobrato Family Foundation. For more information on TECH Fund click here.