HOUSING DEPARTMENT
LOAN COMMITMENT FOR
TRILLIUM SENIOR APARTMENTS
I tem 8.4February 24, 2026
City Council
Erik L. Soliván
Housing Director
2 NOFA Priorities
2/23/2026
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 Trillium Senior Apartments is the second 2025 NOFA Applicant to be awarded • Will increase City of San José’s housing stock by 65 new affordable units between 30-50% AMI
• The development received an allocation of Low-Income Housing Tax Credits and is projecting to start construction in March 2026
• The City is providing gap financing of $9M, or 15.6% of the total development cost
• 100% Affordable Senior Housing
• $9,050,000 City construction-permanent loan commitment • Developer: Santa Clara County Housing Authority
• Santa Clara Housing Authority: providing a $9,050,000 construction-permanent loan and 36 Project Based Vouchers to subsidize rents for formerly homeless seniors, individuals with special needs and extremely low-income households
• County of Santa Clara: providing a $9,050,000 construction-permanent loan • SCCHA Owned Land
• Total public subsidy: $690k per unit
• Total private capital: $65k per unit
• City’s public subsidy: $139k per unit
• Cost of development: $894k per unit
3 Overview
2/23/2026
4 East Santa Clara Master Site
2/23/2026
Joint East Santa Clara Master Site Plan between County of Santa Clara and Santa Clara County Housing Authority
• Santa Clara County Housing Authority owns and will develop a 0.57-acre senior housing portion of the Master Site plan (Trillium 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
5 Site Map
2/23/2026
Trillium
Senior
6 Development Rendering
2/23/2026
Slide
7 Sources of Funding
2/23/2026
Permanent Sources Funding Type Permanent
Amounts
% of Total
Development
Cost
Permanent Loan Private $4,247,000 7.3%
Santa Clara
County Housing Authority Public $9,050,000 15.6%
County of Santa Clara Public $9,050,000 15.6%
City of San José Public $9,050,000 15.6%
Federal Tax Credit Equity Public $26,422,005 45.4%
Deferred Developer Fee Private $300,000 0.5%
Total $58,119,005 100%
8 Unit and Affordability Mix
2/23/2026
UNIT
SIZE
30% AMI 40% AMI 45% AMI 50% AMI
MGR TOTAL
Units Max
Income
Rent
Limits Units Max
Income
Rent
Limits Units Max
Income
Rent
Limits Units Max
Income
Rent
Limits
1-BD 35 $43,920 $1,098 9 $58,560 $1,464 9 $65,880 $1,647 9 $73,200 $1,830 0 62 2-BD 1 $52,710 $1,317 0 $70,280 $1,757 0 $79,065 $1,976 1 $87,850 $2,196 1 3 Total 36 9 9 10 1 65
• Total Cost of Development: $58M, or $894k per unit
• Strong Collaborations with:
• County of Santa Clara
• Santa Clara County Housing Authority
• Continuing to fund deeply affordable units and prioritizing pr
ojects that are ready to start construction
9 Summary
2/23/2026
HOUSING DEPARTMENT
LOAN COMMITMENT FOR
TRILLIUM SENIOR APARTMENTS
I tem 8.4February 24, 2026
City Council
Erik L. Soliván
Housing