HOUSING DEPARTMENT
LOAN COMMITMENT FOR EAST
SANTA CLARA SENIOR
I tem 8.3February 24, 2026
City Council
Erik L. Soliván
Housing Director
The City’s key priorities for gap financing are to:
• Increase the City’s housing stock supply to all income levels • Fund "shovel ready" developments
Provide gap financing as the last funding source into a development project East Santa Clara Senior is the first 2025 NOFA Applicant to be awarded • Will increase City of San José’s housing stock by 68 new affordable units between 30- 60% AMI
• The development received an allocation of Low-Income Housing Tax Credits and is projecting to start construction in May 2026
• The City is providing gap financing of $6.8M, or 12.8% of the total development cost 2 NOFA Priorities
2/23/2026
• 100% Affordable Senior Housing
• $6,800,000 City construction-permanent loan commitment • Developer: Eden Housing, Inc.
• Santa Clara County Housing Authority: providing 20 Project-Based Vouchers to subsidize rents for extremely low-income formerly homeless senior households • HUD Section 202 Program: subsidizing operating costs for 43 very low-income senior households and providing a Capital Advance grant of $5,877,717
• County of Santa Clara: providing an $8,300,000 construction-permanent loan • County-owned land
• Total public subsidy: $545k per unit
• Total private capital: $164k per unit
• City’s public subsidy: $100k per unit (due to collaboration with HUD, Bay Area Housing Innovation Fund, Housing Authority, and County)
• Cost of development: $783k per unit
Overview
Slide 3
Joint East Santa Clara Master Site Plan between County of Santa Clara and Santa Clara County Housing Authority
• Eden was selected by the County of Santa Clara to develop the 0.76-acre senior housing portion of the Master Site Plan (East Santa Clara Senior) Goal of the Master Site Plan:
• Create a highly integrated mixed-use project
Office space, retail, and residential
• Provide housing for seniors and families across affordability levels • Promote health and wellness within the community
District 3 Development
4 East Santa Clara Master Site
2/23/2026
5 Site Map
2/23/2026
East Santa
Clara Senior
Slide 6
Development Rendering
Slide 7
Sources of Funding
Funding Source Funding
Type
Amount % of Total
Development
Cost
Permanent Loan Private $9,880,000 18.6%
Bay Area Housing Innovation Fund
Mezzanine Loan
Private $1,300,000 2.4%
HUD Section 202 Capital Advance Public $5,877,717 11.0% County of Santa Clara Public $8,300,000 15.6%
City of San José Public $6,800,000 12.8%
Federal Tax Credit Equity Public $21,068,100 39.6%
Total $53,225,817 100%
Slide 8
Unit and Affordability Mix
UNIT
SIZE
30% AMI 50% AMI 60% AMI
MGR
Unit
TOTAL
Units Max
Income
Rent
Limits Units Max
Income
Rent
Limits Units Max
Income
Rent
Limits
1-BD 20 $45,225 $1,130 43 $73,375 $1,884 4 $90,450 $1,832 0 67 2-BD N/A N/A N/A N/A N/A N/A N/A N/A N/A 1 1
Total 20 43 4 1 68
• Total Cost of Development: $53M or $783k per unit
• Strong Collaborations with:
• HUD
• Bay Area Housing Innovation Fund
• County of Santa Clara
• Santa Clara County Housing Authority
• Continuing to fund deeply affordable units and prioritizing projects t
hat are ready to start construction
Summary
Slide 9
HOUSING DEPARTMENT
LOAN COMMITMENT FOR EAST
SANTA CLARA SENIOR
I tem 8.3February 24, 2026
City Council
Erik L. Soliván
Housing Director