Positive results are out for an environmental review condcted for a residential project proposed at 777 West San Carlos Street in San Jose. The project proposal includes the development of a six-story building with residential spaces and onsite supportive services for the residents. The four existing buildings on the site will be demolished.
Danco Communities is the project applicant. SGPA Architecture and Planning is responsible for the design concepts.
The project will bring a six-story building offering 154 residential units spanning a total area of 190,795 square feet. All units with the exception of the market-rate manager’s unit, will be below 60 percent of the area’s median income. The residences will be built on five floors, over a one-level prking garage on the ground floor. The rate regulation will be ensured by recording a regulatory agreement with the California Tax Credit Allocations Committee, City of San José, and Santa Clara County.
Supportive services will be provided by the Santa Clara County Office of Supportive Housing (OSH), outside of the project budget through OSH’s approved providers and through a service provider funded by the applicant.
Common spaces and amenities proposed for the project include lobbies, a childcare facility with a play yard, children’s play area and splash pad, a landscaped podium courtyard, common lounge, flexible amenity space, bike workshop, meeting room, and laundry facilities.
The cost of construction is estimated at $133,000,000. The Santa Clara County Housing Authority (SCCHA) will be providing Section 8 housing assistance to the project in the form of Project Based Vouchers (PBVs) for 16 units, as authorized under Section 8 of the Housing Act of 1937, as amended. PBV housing assistance will be provided for an initial contract term of 20 years, with a possible automatic renewal of an additional 20 years, subject to annual appropriations from the federal government and SCCHA’s determination that the owner is compliant with the Housing Assistance Payment contract and other applicable HUD requirements, for a total of forty (40) years. The applicant currently estimates that the annual funding for rental subsidy will be approximately $703,019 for the initial 20-year term of the Housing Assistance Payment contract and contingent upon the availability of Section 8 funds as allocated by the federal government. The total 20-year term cost is estimated to $14,060,380. Please note that the actual funded amount may be up to $5,000,000 more to account for market fluctuations.
The Project is located at 266 and 270 Sunol Street, and 777 West San Carlos Street, in San José.