SAN JOSE — An affordable housing development whose residents could include an array of middle-income workers as well as seniors is being eyed in San Jose near one of the city’s auto rows.
USA Properties Fund is developing the project, which would produce 160 apartments near the corner of Hillsdale Avenue and Newberry Drive, according to the real estate firm.
The eight-story apartment building would rise at 1190 Hillsdale Ave., just west of Almaden Expressway and the Capitol Expressway automobile dealerships.
The proposed residential development is being steered through the city review process by The Schoennauer Co., a land-use consultancy.
Founded in 1981, USA Properties Fund is ranked as the 15th-largest developer of affordable housing in the United States and the largest such developer in California, according to a list issued by Affordable Housing Finance.
The company has 24 apartment communities and 4,350 units under some form of construction or development, USA Properties Fund states on its website.
“USA Properties is committed to building affordable, quality communities that meet the ever-increasing housing needs of residents,” said Geoff Brown, the company’s president.
The 1190 Hillsdale project is expected to be made available, once it is completed, to a wide range of residents in the area.
Residents would need to earn 30% to 70% of the area median income for Santa Clara County, according to the developer.
That equates to roughly an annual median income of $37,470 to $87,430 for a one-person household. A two-person household would need to earn $42,840 and up to $99,960, the company estimated.
“Early-in-their-career teachers and health-care professionals to some tech employees and retirees living on a fixed income” are the types of occupations anticipated for residents of the 1190 Hillsdale project.
The project would demolish an existing — and empty — retail strip center that occupies the site at present.
“The apartment community will be affordable but amenities-rich, including an open and light-filled lobby, a fitness center and a clubroom on the third floor that will connect to an almost 6,000-square-foot deck with comfortable seating areas, gathering spaces and planters,” USA Properties Fund stated.
The 160 units would consist of 119 one-bedroom and 41 two-bedroom units, according to the developer.
USA Properties Fund has about 90 apartment communities in California, Nevada and Oregon, including three communities with a total of 542 units in Santa Clara County.
Roseville (Placer County)-based USA Properties Fund also has an apartment community under construction with another four communities in various stages of development in Santa Clara County, representing a total of more than 950 units.
To meet California housing mandates, San Jose must add 62,200 homes by 2031, including almost 24,000 units for low-income residents, according to state housing agency estimates.
“Every new home opens the door to new opportunities for residents and helps with the housing shortage while providing affordable, stable housing,” Brown said.