"The Algarve Apartments received $40 million in state Project Homekey+ funding to begin construction on the $79 million project in San Jose."
"Project Homekey+ provided just over 50% of the public funds. Other funding sources include $3 million from the California Department of Toxic Substance Control to clean up pollution from a dry cleaner that used to be on the site, White said. Santa Clara County provided nearly $36 million, including $22 million in Measure A money, a $950 million bond passed by voters in 2016 to build affordable housing."
""This project would not likely have secured a tax credit award for several years, which would have resulted in increased project cost because of inflation, tariffs and other escalating costs," White told San José Spotlight."
The Algarve Apartments in San Jose received $40 million in state Project Homekey+ funding to begin construction on a $79 million development scheduled for completion in October 2027. The development will provide 90 apartments for extremely low-income individuals, including 24 homes for veterans and 36 permanent supportive housing units for people experiencing homelessness. Abode Housing Development is the developer and said construction would not have started this year without Homekey+ funding because Low-Income Housing Tax Credits have become highly competitive. Project Homekey+ covered just over half of the public funds; additional funding includes $3 million for site cleanup and nearly $36 million from Santa Clara County, including $22 million from Measure A, which has funded 57 developments and produced more than 5,000 apartments for formerly homeless or low-income residents. County officials said the project will help some of the county's most vulnerable residents.
Read at San Jose Spotlight
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