Real Estate Development Activities
The Housing Authority has been an active and innovative developer of affordable housing. To date, the Housing Authority has newly constructed, rehabilitated and served as developer consultant for over 30 housing developments serving families, seniors, persons with disabilities, migrant farmworkers and the homeless population. Financing for these developments includes a wide range of sources, from Low-Income Housing Tax Credits to City Redevelopment funds.
The Housing Authority has also provided consultant services for other low-income housing developers in Santa Clara County and the surrounding area. These developments include a 240-bed shelter developed by Emergency Housing Consortium and the San Benito Migrant Farmworker Housing development developed by San Benito County.
The Housing Authority prides itself on its commitment to maximizing the efficiency of its project financing strategies and limiting the level of local subsidy dollars otherwise required for its affordable apartment complexes to be feasible to develop.
The creation of customized debt and equity packages for bond financed tax credit assisted complexes in particular requires an in-depth understanding of capital market trends and credit analysis criteria, as well as comfortable working relationships with the most talented individuals in the equity syndication and municipal finance businesses.
The efficient execution and responsible administration of these complex transactions have characterized Housing Authority operations in recent years and permitted continuing access to the most attractively priced financing alternatives available in this fast moving marketplace.
The model financing practices used by the Housing Authority have been awarded and/or recognized by several housing and finance related experts, including:
- Standard & Poor's, which gave the agency a "Strong Performer" rating in its most recent review.
- The Bond Buyer magazine, August 10, 2001 issue, which featured the Housing Authority's use of housing bond proceeds. Click here for details on how tax-exempt bonds were used at two Housing Authority developments.
- National Association of Housing and Redevelopment Officials (NAHRO), which awarded the Housing Authority for its development of a unique financing structure for Helzer Courts Apartments in San Jose.
- The Journal of Project Finance magazine, Fall 1999 issue, which featured an article on tax credit transactions written by the Housing Authority's then Director of Development.
Click here to see a list of developments built and/or rehabilitated by the Housing Authority.