Actions Related to a Loan
Commitment for the Acquisition and
Rehabilitation of the Virginian
Apartments
Erik L. Soliván
Housing Director
December 3, 2024
Item 8.1
Banu San
Deputy Director
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 2023–2031 Housing Element
Fulfills Housing Element priorities
P-18, R-2, and N-4
Rehabilitating unsubsidized small
multifamily rental properties
occupied by low-income individuals
Preserving Naturally Occurring
Affordable Housing
Preserving family stability in our
neighborhoods
2 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Overview
$5M Acquisition and Rehabilitation loan to rehabilitate 18 affordable homes at the Virginian Apartments.
Serving acutely low-, extremely low-, and very low-income households Developer and Property Manager: South Bay Community Land Trust Fiscal Agent: Somos Mayfair
Bay Area Housing Finance Authority: $4.5M
Local Foundation: $1M
Destination: Home: $500K
3 BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Funding Sources and Uses
Sources Permanent
Amount
City of San José $5M
Bay Area Housing Finance
Authority $4.5M
Destination: Home $500K
Anticipated Local
Foundation $1M
Total $11M
Uses Amount % of
Total Cost
Cost Per
Unit
Land Cost $4.56M 41.5% $253,333
Rehabilitation Costs $4.13M 37.5% $260,000
Soft Costs and Other $560K 5.2% $31,111
Fiscal Agent Fees $550K 5.0% $30,555
Reserves $860K 7.8% $47,777
Developer Fee $330K 3% $18,333
Total $11M 100% $611,111
4 Actions Related to a Loan Commitment
for the Acquisition and Rehabilitation
of the Virginian Apartments
Erik L. Soliván
Housing Director
December 3, 2024
Item 8.1
Banu San
Deputy Director