Supporting affordable housing transactions

We work closely with the Office of Supportive Housing to increase affordable housing in the county.  In connection with this work, we assist the Office of Supportive Housing with negotiating multimillion-dollar loans to developers and identifying and acquiring property for affordable housing projects.  For example, in Fiscal Year 2022-2023, we negotiated and closed the financing for over 880 new housing units, including Kifer Senior Apartments projects in Santa Clara; the Crestview Homekey and La Avenida projects in Mountain View; the Royal Oak Village in Morgan Hill; and the Parkmoor Apartments, Sunol-West San Carlos, Bellarmino Place, Tamien Station, The Charles, and Alum Rock Multifamily projects in San José. In addition, in November 2023, we closed on the ground lease and financing of a new 5-story building on Parkmoor Avenue in San José that will prioritize serving youth transitioning out of foster care and will include 79 affordable apartments and a ground floor community center for The Hub. Our Office also played a key role in developing the first teacher housing project in Santa Clara County, which is a 110-unit project at 231 Grant Avenue in Palo Alto.  This project involved several complex transactions, including a $37 million loan from the County, as well as additional grants and loans from Meta, four local school districts, and the City of Mountain View.