SAN JOSE — An reasonably priced housing improvement proposed for a San Jose website close to downtown and a lightweight rail cease has landed some key chunks of building financing wanted to construct the challenge.
The challenge is called Lupina and would produce 99 reasonably priced items at 797 S. Almaden Ave. in San Jose, paperwork on file with metropolis planners present.
The general challenge’s price, together with financing, land acquisition, and miscellaneous objects, is $98.6 million, based on paperwork posted by the California Tax Credit score Allocation Committee, which oversees tax credit for reasonably priced housing tasks.
The event has landed two building loans, based on paperwork filed on Nov. 7 with the Santa Clara County Recorder’s Workplace.
JPMorgan Chase supplied the challenge with $53.3 million in building financing, whereas Santa Clara County supplied $28.9 million in building loans, separate actual property paperwork present.
Sources for Group Improvement, a Berkeley-based reasonably priced housing agency, is creating the challenge via an affiliate, county information present.
“The project will have 26 studio units, 28 one-bedroom units, 25 two-bedroom units, and 20 three-bedroom units,” Sources for Group Improvement states on its web site.
Advertising and marketing for the challenge is slated to start in March 2027. The event is slated to be accomplished in August 2028, and occupancy ought to start in that very same month.
It wasn’t instantly clear when building would start, however the availability of building funds possible makes a constructing begin to happen sooner slightly than later.
The bottom flooring will embrace about 2,300 sq. ft of community-serving business house, based on Sources of Group Improvement. The challenge may also function 3,300 sq. ft of open house on South Almaden Avenue.
The challenge’s items might be put aside for folks making 30% to 60% of the realm’s median revenue, based on the developer.
In 2025, the Santa Clara County space median revenue was $195,200 for a family of 4 folks and $136,650 for a one-person family, based on an April 2025 submit by the state Housing and Group Improvement Division.
This is able to recommend challenge revenue limits that might vary from $58,560 to $117,120 for a four-person family. For a one-person family, the challenge revenue limits might vary from $40,995 to $81,990.
Nineteen items could be put aside for households on the 30% of the realm’s median revenue stage, the anticipated month-to-month lease could be about $545 a month, together with utilities, data posted by the California Tax Credit score Allocation Committee exhibits.
For the opposite 80 items, relying on the scale, rents might vary from $1,036 to $2,488 a month, together with utilities.
“Located near the Virginia VTA light rail station and downtown San Jose, this mixed-use development will provide residents access to a variety of local and regional amenities,” Sources for Group Improvement states on its web site concerning the Lupina challenge in San Jose.
