Community Development Partner’s first San Jose project moves forward, receiving a $4 million funding award from the State of California
March 22, 2023
We’re excited to announce that CDP’s first San Jose project, a 160-unit, 5-story low-income housing community known as 525 N. Capitol Ave, recently received a $4M funding award from the California Department of Housing and Community Development’s (HCD) Multifamily Finance Super NOFA and Infill Infrastructure Grants (IIG) Program. The award was a part of a $825.5 million state housing funding opportunity and was one of 58 communities to be awarded.
“California continues to advance our commitment to building 2.5 million homes — with one million affordable homes — by 2030, as outlined in our Statewide Housing Plan,” said HCD Director Gustavo Velasquez. “Our simple approach to funding helps us accelerate much-needed construction and ensure the lowest-income Californians have access to quality homes near jobs, transit, schools, and other necessities that will make our communities more inclusive for decades to come.”
525 N. Capitol is CDP’s first project in the City of San Jose and County of Santa Clara. The community will provide 160 affordable homes containing a mix of studio to three-bedroom floor plans for individuals and households earning 30%-60% AMI, including 15 permanent supportive housing units and 25 VASH units. The community has been specifically designed to serve formerly and chronically homeless, veterans, seniors, persons living with disabilities, and other low-income families and individuals.
The development will include a community room, communal outdoor courtyard, bike and car parking, and a community kitchen, operated by our nonprofit partner, Veggielution. Veggielution will distribute healthy food sources from its local community farm, in addition to providing other programs and services to residents. The organization was founded in 2008 and connects people from diverse backgrounds through food and farming to build community in East San Jose. Veggielution utilizes a unique community farm model that mobilizes volunteers to cultivate and grow healthy crops, which are then made available to its program participants and other local residents. Its 6-acre community farm and gathering space is located in Emma Prusch Farm Park in the Mayfair neighborhood.
525 N. Capitol is in pre-development with financing continuing to be assembled. The acquisition/predevelopment lender is Capital Impact Partners. The project has been designed by David Baker Architects and will be built by a local general contractor. Community engagement support and outreach was provided by CivicMakers. The property will be managed by FPI Management.
To learn more about the Multifamily Finance Super NOFA and see the full list of awardees here.