August 4, 2005
SACRAMENTO, CA – A new affordable housing complex will soon be built in the City of San Jose, bringing the cost of rental housing within reach for 35 low-income families. The California Housing Finance Agency (CalHFA) Board of Directors approved $9.91 million in construction financing to Gish Apartments, L.P., whose general partner is Gish Apartments, LLC. The project sponsor is First Community Housing Corporation. Construction will be managed by Branagh Contraction and is scheduled to start in mid-October 2005 with completion expected by March 2007.
Families with incomes ranging from 20 to 50 percent of the Santa Clara County Area Median Income will be eligible for the units in the new community. Thirteen units will be reserved for households that include at least one adult with a developmental disability who are at risk of homelessness. The San Andreas Regional Center and Housing Choices Coalition will provide services for the developmentally disabled residents.
Located on 0.42 acres on North First Street at the northern end of downtown San Jose, the project site will accommodate one four-story building with a community room and retail space. The top three stories will contain 35 residential flats with one, two or three bedrooms. A 7-Eleven store will be located on the ground floor and encompass 3,775 square feet. To accommodate residents and retail customers, parking will be built at ground level, as well as below grade. Residents will have access to the 1,035 square-foot community room which includes a computer and business center, kitchen, lounge, laundry room, supportive services space, and manager's office.
The CalHFA loans provide $9.91 million in construction financing with a variable interest rate for a 21-month, interest-only term. Upon completion of the project, CalHFA will provide over $2.685 in tax-exempt permanent financing at a 3% fixed interest rate for a 30-year term. Additional funding will be provided by the City of San Jose, the Sobrato Foundation, and the California Department of Housing and Community Development's Multifamily Housing Program.
Established in 1975, the California Housing Finance Agency is celebrating 30 years of providing affordable housing in California. CalHFA has loaned over $13 billion in non-taxpayer funds to help more than 160,000 families purchase a home with a mortgage they can afford or find an affordable rental to call home. Last year, CalHFA's Multifamily Division financed over $240 million for the construction and permanent financing for new developments, special needs projects, and the preservation of existing affordable rental housing. More information on Multifamily Loan Finance programs and the full complement of CalHFA programs is available at (800) 789-2432 or www.calhfa.ca.gov.
Contact: Melissa Flores
Print Friendly Version (PDF)