SAN JOSE — An affordable housing development for seniors that could sprout near downtown San Jose has taken a key step forward following a property purchase for the project site.
The Santa Clara County Housing Authority now owns the property through an affiliate that it controls, paying $4.1 million for the property, documents filed on Oct. 30 with the Santa Clara County Recorder’s Office show.
The proposed development is located at 715 East St. John Street near North 15th Street. The long-defunct and demolished San Jose Medical Center once occupied the property.
The project is expected to consist of 103 residences on a 1.1-acre site. The units consist of 101 affordable apartments and two manager’s units, according to Santa Clara County’s Housing and Community Development Department. The project will consist of a single building.
The affordable residences will include 20 units to help homeless individuals and families with special needs obtain and maintain permanent housing, 27 units for seniors who earn up to 30% of the area median income and 54 units for senior households earning up to 50% of the area median income.
The Santa Clara County area median income in 2024 is $184,300 for a family of four, according to the state Housing and Community Development Department. A 30% threshold would equate to $56,290 and a 50% benchmark would work out to $92,150.
Construction could begin by the end of 2024 or early 2025. The project should be completed by the end of 2026.
The overall project cost is expected to total $76.1 million. This includes $61.6 million in construction financing.
“The first floor consists of common areas with a shared computer room,” the Santa Clara County report states. “The second floor contains community space, shared laundry areas and an outdoor courtyard for communal events as well as garden plots for residents.”
Source:: The Mercury News – Entertainment
