First Community Housing, a nonprofit affordable housing developer, used our loan to investigate a former gas station adjacent to the Gish Street light rail station in San Jose. The gas station was demolished several years ago and the parcel sat vacant. First Community Housing used the loan to perform environmental due diligence and construction is now complete on this transit-oriented, mixed-use development.
The project revitalized an unsafe eyesore into a 35-unit energy-efficient apartment complex. The development provides desperately needed, multifamily affordable housing for families earning 50% or less of area median income as well as neighborhood retail and access to public transportation.
"As a non-profit housing developer building infill, workforce housing on impacted urban sites, the CALReUSE loan program was an indispensable part of our financing. Our pre-development funds could not have covered the costs that the CALReUSE program did, and the CCLR staff was very professional and great to work with."
- Jeff Oberdorfer, Executive Director, First Community Housing