Core Affordable Housing, LLC, in partnership with EAH Housing, is pleased to announce the start of construction of Cornerstone at Japantown, an affordable rental home community for large families.

Cornerstone is the result of a dynamic public/private partnership with the assistance from The City of San Jose Housing Department, The American Recovery and Reinvestment Act (ARRA), The California Tax Credit Allocation Committee, Hudson Housing Capital, JPMorgan Chase Bank, N.A. The California Community Reinvestment Corporation (CCRC) and The Housing Trust of Santa Clara County.

 "Cornerstone at Japantown is the proud recipient of over $2 million in Federal Stimulus funds which will help make this project a reality," said Dixie Baus, the Affordable Housing Director at Core.  The Federal Stimulus dollars leveraged an affordable housing development estimated at $28 million bringing jobs and dollars to the local economy.    To complete this project, Core Builders, the general contractor, will contract with over 50 local companies, helping to create an estimate of 200 local, Bay Area jobs. 

Property manager, EAH Housing, expects rental applications in May 2011, moving in new residents shortly thereafter.  "The participation of EAH in workforce housing developments ensures that properties will maintain outstanding quality, and have been the key to further revitalization in many neighborhoods," said Mary Murtagh, President and CEO of EAH Housing.  EAH is one of the oldest and most respected nonprofit developers and managers in the western United States.  EAH manages 93 properties that serve over 20,000 families, seniors, students and persons with disabilities in California and Hawai'i.

For more information on The CORE Companies or EAH Housing visit www.thecorecompanies.comor www.eahhousing.org .