San Jose Mayor Sam Liccarddo announced that the city will devote nearly $100 million to 11 projects across the city over the next several years. The 11 projects are expected to provide 1,144 apartments to formerly homeless residents, low-income seniors and other vulnerable groups.
The projects will still need to come before the full City Council for final approval and are divided into three categories. Those in the first category are expected to apply for tax credits within six months. Those in the second category are expected to apply within a year, and those in the third group within eighteen months. If everything goes according to plan, construction on many of the developments is expected to begin in the next several years.
The $100 million will come in part from repayment of loans the city handed out when it had a redevelopment agency and a city housing fund that developers pay into when they build market-rate housing.
If all the projects are built, it would bring the city more than 20 percent of the way toward Liccardo’s goal of adding 10,000 affordable apartments to San Jose’s housing stock by 2022.