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$50M Funding Two New Apartment Buildings, Rehab

SACRAMENTO-The California Housing Finance Agency board of directors approves a financing plan that will fund developments in San Jose and Salinas and a major renovation in Santa Cruz.

By Brian K. Miller | Updated on July 01, 2008

SACRAMENTO-The California Housing Finance Agency has approved a $50-million funding package that will cover the development of two new apartment buildings, one in San Jose and the other in Salinas, and the renovation of another property in Santa Cruz. The two new projects total 152 units and the property to be renovated totals 50 units. All three projects will be affordable, built with environmentally friendly materials and located near mass transit.

In San Jose, the money will be used to help fund the Fourth Street Apartments, which will provide one-, two- and three-bedroom homes for 100 families with household incomes between 25% and 60% of the area median income. In addition, 35% of the homes will be reserved for people with disabilities.

CalHFA is providing approximately $34 million in construction and long-term loans for the project. Construction is expected to begin by the end of the year. The building will have a two-level, above-ground parking garage and five stories of residential space. Amenities will include balconies, energy-efficient windows, wiring for Internet access, all appliances, air conditioning and a “green” roof.

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