"Affirmed Housing Group and Compass Affordable Housing have teamed up through an affiliate to pay $18.6 million for the 86-unit Fairways at 305 San Antonio Ct., documents filed on Dec. 15 with the Santa Clara County Recorder's Office show. At the time of the purchase, the new ownership group landed a $19.9 million loan from the California Building Finance Authority, county records show."
"The units are being made affordable to individuals and households with incomes that range from 25% to 50% of the area median income for Santa Clara County. In 2025, the area median income for the South Bay was $136,650 for one person and $195,200 for a household of four people, according to the state Housing and Community Development Department. This means the annual income limits would range from roughly $34,160 to $68,300 for one person"
Affirmed Housing Group and Compass Affordable Housing purchased the 86-unit Fairways at 305 San Antonio Ct. for $18.6 million. The purchase included a $19.9 million loan from the California Building Finance Authority and $14.3 million in new financing from the City of San Jose that replaced a prior loan. Unit rents will be restricted to households earning between 25% and 50% of Santa Clara County area median income, with 2025 AMI figures and income limits provided. A comprehensive rehabilitation will address critical repairs, improve living conditions, enhance sustainability, add landscaping and park improvements, upgrade stormwater drainage and modernize courtyards, and include a roof upgrade.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]