San Jose: San José Affordable Housing Development Awarded $54.8 million from State
The Californer/10193576

Trending...
FOR IMMEDIATE RELEASE

May 25, 2022

Media Contact:

Rachel Davis, Chief Communications Officer, Office of Mayor Sam Liccardo, rachel.davis@sanjoseca.gov

SAN JOSÉ, CA –  Yesterday, San José City Council accepted $42.2 million in State funds from the California Housing Accelerator program and $12.6 million from the Affordable Housing and Sustainable Communities (AHSC) program to fund the 79-unit Roosevelt Park Apartments at North 21st Street and Santa Clara Street.

The development includes 40 apartments of supportive housing for formerly unhoused individuals and families, 10 apartments for youth transitioning out of foster care, 10 apartments for the developmentally disabled and families, and 19 three-bedroom apartments for larger families.

"Thanks to vital state funding, Roosevelt Apartments is progressing — but we have more to do for at-risk individuals and families," said San José Mayor Sam Liccardo. "Increased state investment in affordable housing and transportation improvements through this year's budget process will enable us to continue to deliver transformative projects like this for our community."

Funding for the projects come from two grant programs from the State Department of Housing and Community Development (HCD). Through the state's Cap-and-Trade program, 20% of proceeds from the Greenhouse Gas Reduction Fund is reserved for the Affordable Housing and Sustainable Communities(AHSC) program. AHSC funds land-use, housing, transportation, and land preservation projects to support infill and compact development that reduce greenhouse gas ("GHG") emissions. The development of infill projects is a key tool for cities to deploy against climate change that prevents sprawling urban growth that then increases automobile reliance.

More on The Californer
In the Bay Area, the dearth of new infill housing has led to the rise of "super-commuters" or residents commuting into the job areas of the urban Bay Area from available housing in bedroom communities in far-flung Central Valley cities and towns. Roosevelt Park Apartments allows for at-risk residents to live and work in San José by being in close proximity to a range of sustainable transportation options with local and rapid VTA bus lines along Santa Clara Street a half-block away and the future 28th Street/Little Portugal BART Station one half mile east.

"I'm excited that after three years of diligent work by our staff, we can finally move forward to provide more affordable housing options for our unhoused individuals and families, foster youth, and those with developmental disabilities," said Councilmember Raul Peralez, District 3. "I hope to see more of this type of investment from our state partners as we look to address housing needs across our City."

Round 4 of the AHSC program awarded $4,014,238 in transportation funding that will fund protected bike lanes connecting the neighborhood to the new BART station, safer mid-block pedestrian crossings, and two electric buses for VTA Route 77 through the project area. AHSC funding also includes $8.6 million for affordable housing development. Altogether, sustainable transportation investments will contribute to the reduction of 62.6 million vehicle miles traveled per year, or 25,059 metric tons of greenhouse gas savings.

In addition to AHSC, the project was awarded $42,170,000 through HCD's Accelerator Program. Funded in part with American Rescue Plan Act dollars, the Accelerator Program is a $1.75 billion forgivable loan program that fills funding gaps for shovel-ready projects that have been unable to access low-income housing tax credits.

More on The Californer
"We are thrilled to help house 79 deserving families thanks to the Governor's Accelerator funding, County Measure A funds, and consistent support and leadership of Mayor Sam Liccardo, Councilmember Raul Peralez, City of San José staff, and so many other partners," said Geoffrey Morgan, Chief Executive Officer, First Community Housing.

The CA Housing Accelerator was funded through last year's approved State Budget. Additional funding through this year's State Budget to re-up funding for the Accelerator program could help two more San José affordable housing developments in the pipeline, Tamien Station and Dupont Family, move forward with an estimated $138 million in awards to begin construction on 276 additional total affordable housing units.

In alignment with the goals of the Roosevelt Park Urban Village Plan, this development is a mixed-use, 8-story building with two levels of garage parking, six levels of residential units, and one level of commercial office space. The entire project contains a range of deeply affordable rental apartments, of which 19 apartments will be available to residents earning up to 60% of the area median income ("AMI"), 20 apartments restricted to those earning up to 50% AMI, and 40 apartments for those making extremely low-incomes or up to 30% of AMI. Median income for Santa Clara County is $117,950 for an individual and $168,500 for a family of four - a family of four at 50% AMI is earning $84,250 and an individual earning 30% AMI is about $35,000 a year. The range of unit sizes and target populations establishes Roosevelt Park Apartments as a project uniquely structured to serve a diverse community of individuals and families working towards independence and stability.

###

About the City of San José

With more than one million residents, San José comprises the 10th largest city in the United States, and one of its most diverse cities. San José's transformation into a global innovation center in the heart of Silicon Valley has resulted in the world's greatest concentration of technology talent and development.

Filed Under: Government, City
Show All News | Report Violation

0 Comments

Latest on The Californer