San Jose's City Council approved a $72.5 million loan package to Community Development Partners to build a 160-apartment affordable housing complex on N. Capitol Ave. The funding includes a $25.7 million contribution from Citibank and support from Measure E, a local property transfer tax. The total project cost is estimated at $130 million, with additional loans from Santa Clara County. The apartments will cater to various income levels, particularly supporting veterans and extremely low-income families. Construction is set to begin soon, aiming for completion by 2027.
"We need more housing for residents at all income levels in San Jose," Deputy Housing Director San Banu told San José Spotlight. "The project at 525 N. Capitol Ave. is leveraging city financing to deliver 160 units of deeply affordable housing, including permanent supportive units for individuals who aren't self-sufficient, and apartments set aside for military veterans."
A June 13 memo from Housing Director Erik Soliván stated $130 million will be needed to finance the project...Santa Clara County officials committed to loaning $8 million to the project in 2023 when Community Development Partners first announced the plans.
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