Construction is set to begin on a 135-unit affordable housing community adjacent to a key transit hub in San Jose, California.
The Core Cos. announced it has closed financing on its Tamien Station project, securing $130 million in major funding.
The development will be affordable for residents earning between 30% and 60% of the area median income, with up to 3,000 square feet of commercial space programmed for a future day care facility.
Major sources of funding for the project include $17 million from the city of San Jose, $25 million in Measure A funds from Santa Clara County, $31 million in grants from the California Department of Housing and Community Development, and a $66 million bond allocation from the California Debt Limit Allocation Committee.
“Our success in securing financing reflects the important opportunity Tamien Station provides to combine critically needed housing and a day care on a major transit hub,” said Richard Truempler, senior vice president at The Core Cos. He added, “We’re grateful for all our funding partners who are helping make this project a reality so that we can continue our extensive history of housing Silicon Valley’s workforce.”
Project partners include predevelopment lender Destination Home, low-income housing tax credit partner Raymond James Affordable Housing Investments, construction lender Citi Community Capital, Affordable Housing and Sustainable Communities program partner Caltrain, as well as the Central Valley Coalition for Affordable Housing.
Santa Clara Valley Transportation Authority (VTA) and Republic Urban Properties have partnered with Core on the project to bring housing and retail directly adjacent to the Tamien light-rail and Caltrain station. The property for the development is made possible through a public-private partnership and a ground lease from VTA.
Construction is expected to begin this month and is anticipated to be completed in July 2025.
Established in 1989, The Core Cos. is a vertically integrated real estate development and construction firm.
