{"id":292,"date":"2026-05-23T16:06:35","date_gmt":"2026-05-23T16:06:35","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=292"},"modified":"2026-05-23T16:06:35","modified_gmt":"2026-05-23T16:06:35","slug":"affordable-homes-project-near-san-jose-bart-station-gets-boost-from-real-estate-deal","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=292","title":{"rendered":"Affordable homes project near San Jose BART station gets boost from real estate deal"},"content":{"rendered":"
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SAN JOSE \u2014 A development that could produce almost 200 affordable homes near the Berryessa BART station in Northeast San Jose is making progress after the project\u2019s key players completed multiple real estate deals linked to the property.<\/p>\n

Read more Californians\u2019 credit scores rank 21st in US<\/a><\/p>\n

At 1565 Mabury Rd., the 10-story apartment complex would include 195 apartments, documents filed with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

\u201cThis project is another example of how transit-oriented affordable housing is beginning to move from planning discussions into actual construction,\u201d said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. \u201cDelivering nearly 200 affordable homes next to a major transit hub is exactly the type of infill development San Jose should be prioritizing.\u201d<\/p>\n

San Diego-based real estate company Affirmed Housing is leading efforts to develop the empty land next to a parking garage for the Berryessa BART station, public records show.<\/p>\n

Affirmed Housing obtained a ground lease from the Santa Clara Valley Transportation Authority, according to county files. An affiliate paid the VTA $11.1 million.<\/p>\n

Affirmed Housing also was approved for for the development, documents posted by the state Treasurer\u2019s Office show.<\/p>\n

The financing consisted of an array of tax-exempt and other funding instruments such as tax credits. The financing vehicles included $42.3 million from Citibank, $11.1 million from Santa Clara County, and $9.9 million from San Jose. Some of these deals were recorded this month.<\/p>\n

The project, when complete, will consist of 193 affordable housing units and two market-rate units for on-site property managers.<\/p>\n

Read more California FAIR Plan rates going up 29.1% in late 2026<\/a><\/p>\n

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Of the 193 apartments, 45 will be studios, 43 will be one-bedroom units, 53 will be two-bedroom units, and 52 will be two-bedroom residences, Santa Clara County real estate records show.<\/p>\n

The affordable residences will be set aside for households that make no more than 80% of the area median income for Santa Clara County.<\/p>\n

In April 2025, the was $195,200 for a household of four and $136,650 for a household of one, a post on the state Housing and Community Development site shows.<\/p>\n

Using an 80% benchmark, the maximum allowed income would be $156,160 for a four-person household and $109,320 for a one-person household.<\/p>\n

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State officials estimated that the new housing tower would require about two years to complete, although a starting date wasn\u2019t immediately known.<\/p>\n

Rail stops and other transit hubs are the types of locations where housing projects with greater densities should be built, Staedler said, with a priority on taller buildings over midrise housing.<\/p>\n

\u201cWe need to see far more 10-story residential buildings immediately adjacent to major transit stations throughout San Jose and the broader Bay Area,\u201d Straedler said. \u201cIf there is any place where height and density make sense, it is directly next to BART, Caltrain, and light rail infrastructure that taxpayers have already invested billions to build.\u201d<\/p>\n

Read more 12-year-old boy, parents cited after youth stopped in Danville riding electric motorcycle<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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