Affordable Housing Component Of San Jose Development Gets Fresh Funding
A joint venture between The Core Cos. and Republic Urban Properties received another infusion of capital to build 135 affordable housing units in downtown San Jose as a state committee agreed to provide $64M for the project.
The project is led by UrbanCo Tamien, a JV between the two companies, and is seeking to build the property at 1197 Lick Ave., according to the San Jose Mercury News.
The affordable housing component of the 569-unit complex will use $64M in funding from a state bond awarded by the California Debt Limit Allocation Committee.
The development had already received funding from Santa Clara County, the city of San Jose and California’s Affordable Housing and Sustainable Communities program, totaling $70.95M. All of the public financing together comes to $135M, or $1M per affordable unit in the project.
“The bond allocation was the final piece of the financing puzzle to fall in place,” Core Cos. Vice President of Development Vince Cantore told the Mercury News via email.
Cantore also said the project is slated to start development between April and June of this year.
The affordable units will target renters earning between 30% and 60% of the area median income, with 67 of those units allocated for rapid resident rehousing.
The market-rate phase of the project is slated to start in 2025.