An affordable housing development at 525 North Capitol Ave. in San Jose secured vital construction financing, allowing construction to begin. The project will yield 160 units, with 158 designated for lower-income residents. The total development cost exceeds $130 million, covering various expenses including construction and land purchase. Financing sources include substantial contributions from First Citizens Bank, the city of San Jose, and Santa Clara County. Completion financing will consist of federal tax credits and a Citibank loan, with plans for a five-story building featuring various unit types.
The overall cost of the affordable housing development at 525 North Capitol Ave. is slightly more than $130 million, according to city planning files.
Once construction is complete, permanent financing will include a $51.5 million federal tax credit and a $25.8 million Citibank tax-exempt loan.
Construction financing for the project includes $67.1 million from First Citizens Bank, $25 million from the city of San Jose, and $8 million from Santa Clara County.
The project will consist of 160 units, with 158 restricted to lower-income residents, aimed at providing affordable housing in east San Jose.
Collection
[
|
...
]