Affordable homes project secures a loan
Site eyed near Google’s proposed Downtown West
SAN JOSE >> A project of more than 100 affordable homes slated to rise near Google’s transit village in downtown San Jose has made big progress by landing a construction loan for the development, public records show.
Eden Housing, acting through affiliate SJ Auzerais, has landed a construction loan that was provided by the California Municipal Finance Authority, according to documents filed on Oct. 22 with the Santa Clara County Recorder’s Office.
The loan totaled $42 million, the county property records show. Although the Municipal Finance Authority provided the construction financing, the loan is slated to eventually be transferred to Silicon Valley Bank.
Hayward-based Eden Housing also previously had sought other funding commitments for various stages of the project: Up to $26 million from Santa Clara County, as much as $14.8 million from the city of San Jose, up to $1.3 million from the Federal Home Loan Bank Affordable Housing Program and a tax credit of as much as $34.6 million, according to a staff report prepared for a county supervisors meeting.
425 Auzerais Apartments will consist of 130 residences consisting of 128 affordable units and two manager units, according to county documents.
In April 2019, the Eden Housing affiliate paid $12.5 million for the site, the property records show.
Located at 425 Auzerais Ave., the site appears to be in a choice location on the edge of downtown San Jose.
Just to the west of the development property is the southern end of Google’s transit-oriented neighborhood of office buildings, homes, shops, restaurants, entertainment centers, cultural hubs, hotel facilities and open spaces where the search giant could employ up to 20,000 people.
“The site is located a halfmile from Diridon Station at the corner of Auzerais Avenue and Delmas Avenue in a dynamic area close to multiple transit stations where the city and Google are both investing significant resources,” Eden Housing stated in a post on its website.
The developer hopes the residential complex will help put at least a tiny dent in what appears to be a relentless shortage of truly affordable housing.
“425 Auzerais Apartments will provide homes to households that are in threat of being priced out of the housing market but are essential to a strong and diverse community, including the lower-income workforce and formerly homeless individuals and families,” Eden Housing stated in its website post.
On-site amenities are expected to include an outdoor space with a fitness loop, a community garden, a community room, a computer learning center, a fitness center, a yoga studio and a laundry room.
“425 Auzerais Apartments will reserve half of its units as permanent supportive housing to address the homelessness crisis,” Eden Housing stated. “The remaining units will be restricted to households earning 50% to 60% of the area’s median income.”