"The project is known as Lupina and would produce 99 affordable units at 797 S. Almaden Ave. in San Jose, documents on file with city planners show. The overall project's cost, including financing, land acquisition, and miscellaneous items, is $98.6 million, according to documents posted by the California Tax Credit Allocation Committee, which oversees tax credits for affordable housing projects. The development has landed two construction loans, according to documents filed on Nov. 7 with the Santa Clara County Recorder's Office."
"JPMorgan Chase provided the project with $53.3 million in construction financing, while Santa Clara County provided $28.9 million in construction loans, separate real estate documents show. Resources for Community Development, a Berkeley-based affordable housing firm, is developing the project through an affiliate, county records show. "The project will have 26 studio units, 28 one-bedroom units, 25 two-bedroom units, and 20 three-bedroom units," Resources for Community Development states on its website."
Lupina is a proposed affordable housing development at 797 S. Almaden Ave. in San Jose that would create 99 units. Project financing and costs total $98.6 million, including construction loans of $53.3 million from JPMorgan Chase and $28.9 million from Santa Clara County. Resources for Community Development is developing the project through an affiliate. Unit mix includes 26 studios, 28 one-bedroom, 25 two-bedroom, and 20 three-bedroom units. Marketing is planned for March 2027, with completion and occupancy targeted for August 2028. The ground floor will include roughly 2,300 square feet of commercial space and 3,300 square feet of open space, with units set aside for households at 30%–60% of area median income.
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