"Las Golondrinas, a 50-unit apartment hub at 77 Kentucky Place in the Little Portugal area of east San Jose, has been bought by an affiliate of the County Housing Authority, documents filed on Oct. 17 with the Santa Clara County Recorder's Office show.. The Housing Authority affiliate paid $4.5 million for the residential property, a purchase that bolsters the Santa Clara County agency's mission to preserve affordable homes in the South Bay."
"The prior owner, a nonprofit that operated as Las Golondrinas Housing Corp., ceased making payments on the loan in 2005, stated a notice of default that HUD filed against the property. Primarily because of 20 years of no payments, the total due on the loan as of Oct. 15 was $9.6 million, HUD stated in the default notice. HUD paid $8.6 million for the apartment complex through the foreclosure proceeding."
Santa Clara County Housing Authority affiliate purchased the 50-unit Las Golondrinas apartments at 77 Kentucky Place in east San Jose for $4.5 million. The U.S. Department of Housing and Urban Development took ownership after foreclosing on a delinquent $4.5 million loan when the prior nonprofit owner stopped payments in 2005. The loan balance grew to $9.6 million by Oct. 15 due to two decades of nonpayment, and HUD paid $8.6 million through foreclosure. The purchase strengthens the Housing Authority's effort to preserve affordable homes in the South Bay. The agency previously bought Girasol (59 units) for $4.15 million and Jardines Paloma Blanca (43 units) for $2.65 million in 2023.
Read at www.mercurynews.com
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