HOUSING DEPARTMENT
ACTIONS RELATED TO A LOAN COMMITMENT
FOR A NEW AFFORDABLE RENTAL HOUSING
DEVELOPMENT - BERRYESSA STATION AT
1565 MABURY ROAD
May 13, 2025 Item 8.4
City Council
Erik L. Soliván
Housing Director
Banu San
Deputy Director
• Transit-Oriented Development
• Berryessa BART Urban Village Area Plan
• Located within 0.3 miles of the Berryessa/North San José BART Station • Construction-Permanent Loan of $9,898,877 to construct Berryessa Station, a new 195-unit housing development • 193 affordable units:
• 50 units for extremely low-income
• 92 units for very low-income households
• 51 units for low-income households
• 2 units for Property Manager
• Average affordability of 47.46%
• Developer: Affirmed Housing
• Santa Clara County Housing Authority: investing 49 Project-Based Vouchers to rent-subsidized very low-income households
Overview
Slide 2
Slide 3
Sources of Funding
Funding Source Amount
Tax-Exempt Permanent Loan 40,001,761
California Department of Housing and
Community Development’s Affordable
Housing and Sustainable Communities
29,000,000
City of San José 9,898,877
County of Santa Clara Measure A 11,115,000
Bay Area Housing Innovation Fund 15,951,926
Federal Tax Credit Equity 48,925,063
Total $154,892,627
HOUSING DEPARTMENT
ACTIONS RELATED TO A LOAN COMMITMENT
FOR A NEW AFFORDABLE RENTAL HOUSING
DEVELOPMENT - BERRYESSA STATION AT
1565 MABURY ROAD
May 13, 2025 Item 8.4
City Council
Erik L. Soliván
Housing Director
Banu San
Deputy Director