Bay Area/ San Jose/ Real Estate & Development
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Published on April 03, 2024
New Affordable Housing Complex Vitalia Opens in San Jose to Assist Low-Income and HomelessSource: Affirmed Housing

San Jose's latest affordable housing project, Vitalia, has officially opened its doors, offering 79 new homes to low-income and previously homeless individuals and families. Located at 3100 S. Bascom Avenue in the Cambrian neighborhood, the development was celebrated with a grand opening ceremony on March 29, drawing a local political crowd, including Mayor Matt Mahan and councilmembers.

"Oftentimes we forget that some of the residents who qualify for affordable housing are our students, teachers, seniors on fixed incomes, veterans, and those who were formerly unhoused," Councilmember Pam Foley said during the event, stressing the need for stable housing options. The five-story Vitalia aims to address these issues directly, and as Affirmed Housing states, it provides not just shelter but a foundation for "a new beginning and a brighter future for its residents."

Funded by a blend of public and private sources, Vitalia's construction tapped into various financing streams, including $15.8 million from Santa Clara County Measure A funds and a $36 million loan from U.S. Bank. Tax credit equity, valued at $40 million, was managed by Boston Financial Investment Management, reported Multi-Housing News. Other contributors to the financial pot were the Santa Clara County Housing Authority and the Department of Veterans Affairs, along with Housing Trust Silicon Valley, which provided a $7.7 million acquisition loan.

"The Bay Area is one of the most expensive places in the country to live. That is why it is so important that we continue to invest robustly in affordable housing across this region," Noni Ramos, CEO at Housing Trust Silicon Valley, told Affirmed Housing. The Vitalia project has also raised the bar in sustainability. The Platinum-rated GreenPoint building is all-electric, featuring Energy Star appliances and rooftop solar panels.

Security measures and on-site management have been introduced to ensure tenant safety. Residents of Vitalia will also benefit from amenities like an interior courtyard, community and computer rooms, and a laundry facility. This new community offers a roof over many of the hard-working citizens' heads and the support services needed to help them gain stability, as affirmed by Santa Clara County Board of Supervisors President Susan Ellenberg during the grand opening.