The San Jose City Council on Tuesday unanimously approved loaning about $22 million to Berkeley-based affordable housing nonprofit Resources for Community Development to construct a 99-unit affordable apartment complex at 797 S. Almaden Ave.
San Jose Spotlight reportsthe council also approved spending about $3.6 million to purchase the just over half-acre plot at the corner of South Almaden Avenue and West Virginia Street from the nonprofit, and lease it back to the developer.
The project will reserve 25 apartments as permanent supportive housing for people experiencing chronic homelessness, including 15 apartments for people and their families in need of mental health services, according to city staff reports.
The development will include 30 studios, 24 one-bedroom, 24 two-bedroom and 20 three-bedroom apartments, plus one two-bedroom manager apartment.
About half of the apartments will be priced as affordable to people earning 30 percent or less of the annual median income for the area, or about $35,000 per year for an individual. Approximately 40 percent of apartments will be for people earning up to 50 percent of the area median income, or roughly $59,000 per year. Nine apartments will be for people earning up to 60 percent of the median, or roughly $71,000 a year.
