SAN JOSE — An reasonably priced housing growth for seniors that might sprout close to downtown San Jose has taken a key step ahead following a property buy for the venture website.
The Santa Clara County Housing Authority now owns the property by means of an affiliate that it controls, paying $4.1 million for the property, paperwork filed on Oct. 30 with the Santa Clara County Recorder’s Workplace present.
The proposed growth is positioned at 715 East St. John Road close to North fifteenth Road. The long-defunct and demolished San Jose Medical Heart as soon as occupied the property.
The venture is predicted to include 103 residences on a 1.1-acre website. The models include 101 reasonably priced residences and two supervisor’s models, in line with Santa Clara County’s Housing and Neighborhood Improvement Division. The venture will include a single constructing.
The reasonably priced residences will embody 20 models to assist homeless people and households with particular wants get hold of and preserve everlasting housing, 27 models for seniors who earn as much as 30% of the realm median earnings and 54 models for senior households incomes as much as 50% of the realm median earnings.
The Santa Clara County space median earnings in 2024 is $184,300 for a household of 4, in line with the state Housing and Neighborhood Improvement Division. A 30% threshold would equate to $56,290 and a 50% benchmark would work out to $92,150.
Development might start by the top of 2024 or early 2025. The venture needs to be accomplished by the top of 2026.
The general venture price is predicted to complete $76.1 million. This contains $61.6 million in building financing.
“The first floor consists of common areas with a shared computer room,” the Santa Clara County report states. “The second floor contains community space, shared laundry areas and an outdoor courtyard for communal events as well as garden plots for residents.”
