Development Approvals
for Parkmoor Community
Apartments and Dry Creek
Crossing
January 31, 2023
Items 8.2 and 8.3
Jacky Morales-Ferrand
Director of Housing
Rachel VanderVeen
Deputy Director
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Approve funding to construct 145 apartments in
two developments of which 20 apartments will
be permanent supportive housing:
• Parkmoor Apartments – 81 apartments
• Dry Creek Crossing – 64 apartments
Today’s Objectives
2 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Siting Policy
3 Parkmoor
Community +
The Hub
Dry Creek
Crossing
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Building Approval Process
4 City NOFA Awards Announced
Awarded projects move on to
seek City Council approval.
City Planning Entitlements
SB35 Streamlined Ministerial
Permit issued by City Planning
team.
City Council Meeting
Awarded NOFA projects seek
approval for City funding from
City Council.
CDLAC App Submission
(tax-exempt bonds & tax credits)
First round applications due
February 7, 2023.
PROCESS
1 3
2 4
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Building Approval Process cont.
5 CDLAC Awards
Awards announced on
May 10, 2023.
Performance Period/
Finance Closing
Awarded projects must close on
financing in 180 days of receiving
CDLAC award.
Construction Period
Construction starts within 30
days of finance closing. Generally,
1.5 to 2 years for construction.
PROCESS
CONT.
5 7
6 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Parkmoor Community Apartments
Located at sites on
1510-1540 Parkmoor Ave
Developed by Allied Housing
79 apartments for extremely low-income
and very low-income individuals and
families
20 permanent supportive housing
(housing for the formerly homeless)
40 set aside for Transition Aged Youth
50% are 2-bed and 3-bed apartments
Located in Continued Investment Area
6 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 17,000 square feet ground
floor TAY programs center
Construction to be funded
through $15.3 million in
County General Funds
County to own and operate
Will provide support services
for youth ages 15 to 24
Will include indoor and
outdoor amenities and
recreation areas
Parkmoor Community Apartments
7 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Parkmoor Community Apartments – Funding
8 Source Amount Private or Public Type of Funding
Bank Loan $6,570,000 Private Lender Loan
County of Santa Clara $20,000,000 Public Loan
City of San José $16,826,688 Public Loan
Private Equity
Investment $35,046,180 Private Investment Equity
Total $78,442,868
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Dry Creek Crossing
Located at site on 2388 South Bascom Ave.
Developed by partnership between:
• CRP Affordable Housing and Community
Development LLC and Pacific Southwest
Community Development Corporation
63 apartments for extremely low-income, very low-
income, low-income, and moderate-income
individuals and families
15% will be accessible in accordance with ADA
requirements
69% are 2-bed and 3-bed apartments
Located in Affordable Housing Expansion Area and
South Bascom Urban Village plan
Includes 1,048 square feet of common space
for after-school care and adult workshops
9 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Dry Creek Crossing – Funding
10 Source Amount Private or Public Type of Funding
Bank Loan $8,129,982 Private Lender Loan
City of San Jose $9,450,000 Public Loan
Developer
Contribution $4,147,438 Private Investment Capital Contribution Private Equity
Investment $31,239,931 Private Investment Equity
Total $52,967,351
Development Approvals
for Parkmoor Apartments and Dry
Creek Crossing
Jacky Morales-Ferrand
Director of Housing
Rachel VanderVeen
Deputy Director
January 31, 2023
Items 8.2 and 8.3