San José Department of Housing

The Department of Housing's Acquisition/Rehabilitation Program occasionally provides financial assistance to existing apartment complexes which meet the City's overall policy objectives as well as at least one of the following criteria:

Preservation Project: The apartment complex was funded by the U.S. Department of Housing and Urban Development (HUD) and there is the potential that the HUD restrictions will expire and rents would thereby be increased to market rents.

Neighborhood Improvement: The apartment complex constitutes a serious blight impact on the surrounding neighborhood, and rehabilitation of the property would make a significant contribution to revitalizing that neighborhood.

Economic Benefit: The amount of gap financing needed from the City is extraordinarily low. The Housing Department is willing to consider funding for Acquisition/ Rehabilitation deals.

Meeting Affordable Housing Goals: The apartment complex helps the City meet its affordable housing goals by providing a minimum of 10% ELI units and involves a reasonable cost to the City.

Please note that any assisted projects generally are required to record 55-year affordability restrictions on the site, which will limit rent levels and land value in the long-term.

Currently, there are no funds available for this program. However, for general information, you can contact the Manager of Project Development at 408-535-8236 or email Kristen.Clements@sanjoseca.gov.