"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."
"In the recent Las Golondrinas deal, the U.S. Housing and Urban Development Department took ownership of the 77 Kentucky Place property this month due to a delinquent $4.5 million loan for the site. 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."
An affiliate of the Santa Clara County Housing Authority acquired Las Golondrinas, a 50-unit apartment complex at 77 Kentucky Place in San Jose's Little Portugal, for $4.5 million. The U.S. Department of Housing and Urban Development took ownership after foreclosure on a delinquent $4.5 million loan. The prior nonprofit owner stopped making payments in 2005, and the loan balance grew to $9.6 million by Oct. 15 due to 20 years of nonpayment; HUD paid $8.6 million through foreclosure. This purchase follows at least two prior Housing Authority acquisitions of foreclosed low-income properties and advances affordable housing preservation in the South Bay.
Read at The Mercury News
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