CalHFA Commits More Than $50 Million to Preserve Affordable Housing in Santa Cruz, San Jose and Salinas
SACRAMENTO, Calif.--(Business Wire)--
New affordable "green" and transit-oriented apartments built with
environmentally friendly materials and located close to mass
transportation will be built near downtown San Jose and downtown
Salinas, while an affordable housing complex in Santa Cruz will
receive major renovations as part of a $50 million financing program
approved by the California Housing Finance Agency (CalHFA) Board of
Directors.
Fourth Street Apartments, in San Jose, will provide homes for 100
families. CalHFA is providing nearly $34 million in construction and
long-term loans that provide critical funding for the development of
the project for families with household incomes between 25 and 60
percent of the area median income. Also, thirty-five percent of the
units will be rented to tenants with developmental disabilities.
Construction will begin by the end of the year and include a
two-level, above-ground parking garage and five stories of residential
space. The project offers one, two and three bedroom units and will
include balconies, energy-efficient windows, wiring for Internet
access, modern appliances and air conditioning in all of the units. It
also features a 12,500 square-foot "green roof" that provides a
garden-like space for tenants and increases energy conservation.
In Salinas, the CalHFA Board of Directors approved $12.2 million
in construction and long-term financing, which will provide funding
for development of the project for families with household incomes at
or below 30 percent of the area median income. The Salinas Gateway
Apartments will offer affordable supportive rental housing for 52
families. Construction is expected to begin this Fall and the
four-story building will feature a "green roof" as well as other green
features, such as recycled carpet, low VOC paint, energy-efficient
appliances and green-rated cabinets.
The Mission Garden Apartments, an existing affordable housing
complex in Santa Cruz, will soon receive extensive renovations to
preserve affordable housing for 28 families and 22 seniors. CalHFA
approved a $4.17 million long-term loan that will allow the owners to
protect the rental affordability and serve families and seniors with
household incomes at or below 60 percent of the area median income.
Originally constructed in 1981, Mission Garden Apartments is located
three miles southwest of downtown. The 50-unit garden style complex
consists of seven two-story residential buildings, a one-story
maintenance building and a single-story community building. Twenty-two
one-bedroom units are intended exclusively for senior tenants; age
restrictions apply.
The California Housing Finance Agency was created in 1975 with the
goal of helping more Californians live in a home they can afford.
CalHFA's Multifamily Division has invested $1.4 billion for the
construction and preservation of more than 33,000 affordable rental
housing units to assist very low and low income Californians. For more
information on Multifamily Loan Finance programs and the full
complement of CalHFA programs, visit www.calhfa.ca.gov or call toll
free 877-9-CalHFA (877-922-5432).
California Housing Finance Agency
Melissa Flores, 916-324-4647
Fax: 916-322-2345
mflores@calhfa.ca.gov
Copyright Business Wire 2008
