Affordable housing upgrade in San Jose advances with construction loan

SAN JOSE A wide-ranging upgrade is being planned for Paseo Senter an affordable housing evolution near downtown with rehabilitation work expected to be complete by summer according to community documents on file with Santa Clara County San Jose and California At Senter Rd Paseo Senter is a -unit residential hub that was built in two phases It consists of affordable units and one market-rate manager s unit Upgrades will be focused on the affordable apartments that consist of the first phase of the evolution Paseo Senter affordable apartments complex at Senter Road in San Jose showing residences open spaces and the pool area Jeffrey Peters Vantage Point Photography The work is projected to cost million according to files posted by the California Tax Credit Allocation Committee An affiliate controlled by The Core Cos is leading the renovation effort Core Cos landed million in construction financing from First Citizens Bank Trust Co to help with the upgrades documents filed on July show A grant deed filed on July placed a million value on the complex The price tag includes purchase and acquisition costs renovation financing miscellaneous construction costs and other items The precise details of what the upgrades will feature weren t this instant available One of the upgrade s goals included efforts to ensure the continued affordability of the housing expansion county documents show The project has one-bedroom units two-bedroom units and three-bedroom units serving tenants with rents affordable to households earning to of the area median income a state document shows In April the area median income in Santa Clara County was for a household of four This would mean that income limits in Paseo Senter would range from a year up to for a four-person household A revamp is also being planned for the -unit second phase of the maturation This section is at Senter Rd Different affiliates controlled by Core Cos own both phases of the Paseo Senter complex at the and Senter sites Core Cos has submitted a separate application to obtain approval from state county and city agencies for the second stage of the renovation The veteran real estate firm estimated that the overall costs of the second phase of the upgrade would be about million state leadership files show