Timberwood
 

City of San José - Department of Housing - 4 North Second Street, Suite 1350, San José, CA 95113 - ph:408.277.4747

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The City issued tax-exempt bonds to enable the revitalization of this apartment complex. In addition to 20% Tax Increment funding, HOME Fund money was used for rehabilitation activities. Originally an 80-20 deal, with 80% of the unit rents set at market rates, the project became more affordable over time until it was a 60-40 deal with 40% of the units affordable to lower-income households.  
       
       
Completed:   1994-95  
Location:   3903 Seven Trees Boulevard near Capital Expressway  
Unit Mix:   286 units; 114 VLI/171 Market rate/1 Manager's Unit  
Unit per Acre:   30.0  
Developer:   Mid-Peninsula Housing Coalition  
Architect:   None  
General Contractor:   Branagh, Inc.  
Property Manager:   Mid-Peninsula Property Management  
Financing:   City of San José - $2,310,212;  
    Other Partners - $15,275,000  
 
Total Funding:   $17,585,212