September 15, 2020
Rachel Davis, Office of Mayor Sam Liccardo, 408.712.9149, email@example.com
SAN JOSÉ, CA. - Today, the San Jose City Council will vote on three affordable housing developments that, if passed, will add 255 new apartment homes and preserve 152 existing apartments, totaling 407 affordable homes to help fight the persistent crisis of homelessness. During the unprecedented economic downturn brought on by COVID-19, there is a growing and significant need to invest in affordable housing to provide much-needed homes for our most vulnerable residents.
"A painful recession caused by a worldwide pandemic is putting more pressure on too many of our families struggling to pay rent," said Mayor Sam Liccardo. "We must continue to create and preserve affordable homes to serve our most vulnerable residents."
Funding from the City of San Jose's $100 million Notice of Funding Availability (NOFA) will kick-start 251 affordable homes between two projects:
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For both housing developments, the Council will vote to commit $27 million of the $100 million NOFA. Additional funding of $35.7 million has been approved for both developments by the County of Santa Clara from the Measure A Affordable Housing Fund, which includes supportive services for formerly homeless families and individuals.
City Council will also vote to issue $25 million in multi-family revenue bonds that will be sold by the affordable housing developer, The Core Companies, to private investors to finance the rehabilitation and preservation of affordable housing for 151 extremely low- and very low-income households and one manager's unit at the Markham Plaza II (District 7), for a total of 152 apartments. This apartment complex opened in 2003 as one of the City's original housing developments for extremely low income households. The County has approved $5.9 million in Measure A funding for this development. The renovations and investment of funds will extend the development's affordability until 2075.
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