MTC-backed Senior Affordable Housing Project Breaks Ground in San Jose
First Community Housing broke ground today on a 64-unit, MTC-backed affordable senior housing project near the Fruitdale VTA light-rail station in San Jose.
Twenty-three of the units in the mixed-use, Leigh Avenue Senior Apartments project will be dedicated to residents needing in-home services.
San Jose-based First Community Housing has designed the project to LEED Platinum standards and plans to provide free transit passes for all residents. The property’s 7,000 square feet of commercial space will house dental offices.
The project is funded in part by a $2.9 million loan from the Bay Area Transit-Oriented Affordable Housing Fund (TOAH), which received $10 million in seed money from MTC in 2008.
TOAH is the product of the initial MTC investment and the Great Communities Collaborative, which brings together funders, advocates, public sector partners and financial intermediaries to help the process of building affordable homes.
The revolving loan fund provides financing for the development of affordable housing and other vital community services near transit lines throughout the Bay Area.
TOAH has originated nine acquisition or refinance loans to date for the development or preservation of nearly 900 units of affordable housing across San Francisco, Alameda and Santa Clara counties.
For more information on TOAH, visit: www.bayareatod.com.