{"id":2519,"date":"2026-06-19T12:08:46","date_gmt":"2026-06-19T12:08:46","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=2519"},"modified":"2026-06-19T12:08:46","modified_gmt":"2026-06-19T12:08:46","slug":"affordable-homes-group-buys-san-jose-apartment-hub-for-over-80-million","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=2519","title":{"rendered":"Affordable homes group buys San Jose apartment hub for over $80 million"},"content":{"rendered":"
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SAN JOSE \u2014 A nonprofit that specializes in creating and preserving affordable housing has bought a San Jose apartment complex in a deal that could help keep rents in the residential hub within reach of people with modest incomes.<\/p>\n

Read more San Jose man charged with murder in connection with fatal crash<\/a><\/p>\n

Almaden Terrace, an apartment complex located in the Willow Glen district of San Jose, has been bought for $87.7 million, according to documents filed June 18 with the Santa Clara County Recorder\u2019s Office.<\/p>\n

The deal arrives at a time when more endeavors have appeared to create low-cost housing in the Bay Area, including a proposal to develop a 173-unit apartment complex in downtown San Jose that would include 171 affordable homes.<\/p>\n

In the Alamden Terrace deal, an affiliate of nonprofit Bedford Affordable Housing Foundation bought the 262-unit apartment complex, county property records show.<\/p>\n

Amenities at Almaden Terrace include a pool, media center, movie theater, picnic area and dog park, according to the Apartments.com website. The apartment complex was built in 1972. The buildings in the complex are two stories.<\/p>\n

Included in documents related to the purchase were provisions that oblige the new owner to keep a large number of the rental units in Almaden Terrace affordable.<\/p>\n

That matches Bedford Affordable Housing Foundation\u2019s mission statement.<\/p>\n

\u201cWe are a nonprofit organization committed to creating and maintaining affordable housing and related services for low-income and very low-income individuals and families,\u201d Bedford states on its website.<\/p>\n

Read more Bay Area fans wind up for Turkey\u2019s long-awaited World Cup soccer appearance at Levi\u2019s Stadium<\/a><\/p>\n

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Bedford Affordable would be obliged to ensure that at least 40% of the units are set aside for low-income residents, documents filed with the county show. That would equate to roughly 105 apartments at Almaden Terrace.<\/p>\n

At least 75% of the units would have to be set aside for people at 80% of the area median income. That would equate to approximately 197 apartments.<\/p>\n

For 2026, Santa Clara County\u2019s median income for one person is $143,850, the state reported in May. This would suggest that an 80% income cap would equate to $115,080 a year.<\/p>\n

The Federal National Mortgage Association, commonly known as Fannie Mae, and the California Statewide Communities Development Authority were listed in the public records as the lenders. California Statewide Communities issued $71.4 million in revenue bonds to facilitate the purchase.<\/p>\n

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Beverly Hills-based Bedford Affordable Housing stated on its website that 38% of renters are in low-income households.<\/p>\n

\u201cMany essential workers, first responders, healthcare professionals, teachers, and social workers can\u2019t afford to live in the communities they serve,\u201d the nonprofit states on its website. \u201cAt Bedford, we\u2019re committed to changing that.\u201d<\/p>\n

Read more Horoscopes June 19, 2026: Zoe Saldana, keep your emotions to yourself<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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