An affordable housing developer bought a San Jose site for a 426-unit home complex.
An affiliate of AMG & Associates paid $5 million for the 2.3-acre site at 4310 Monterey Road, north of Skyway Drive, near a Caltrain stop, SiliconValley.com reported. The project will also include more than 1,000 square feet of retail space, according to plans filed with the county.
Plans show four five-story buildings with some interior roadways and about 34,000 square feet of common open space will be built on a vacant lot a few blocks south of Caltrain’s Capitol Station. The neighborhood has an Asian supermarket, retail stores, restaurants and several auto repair shops as well as single-family homes and apartments.
In Oakland, a city that has overproduced market-rate housing and underproduced affordable housing, city leaders are considering turning a long-shuttered parking garage into an affordable housing development.
San Francisco city leaders are also trying to push an affordable housing project forward. The city wants to build more than 200 units of affordable housing for seniors on the campus of Laguna Honda Hospital near Midtown Terrace.
The San Jose project, all of which will be set aside for households earning less than 80 percent of the area median income, was approved through an expedited process under SB 35. According to the US Housing and Urban Development Department, the median family income in Santa Clara County was $151,300 in 2021.
Another affordable housing development in San Jose recently caught the attention of some Silicon Valley attorneys. Residents at 2450 Senter Road claim the building’s manager, John Stewart Company, has deactivated key cards, sent maintenance workers into residences without consent and had residents’ cars towed.
Read more
[
SV] — Victoria Pruitt