Santa Clara’s Largest Affordable Housing Project Starts Countdown to Construction
Santa Clara, CA – The Core Companies announced today that the Agrihood project has been awarded $50,000,000 in tax-exempt bonds by the California Debt Limit Allocation Committee (CDLAC). The award made on September 16, 2020 is the final piece of a complex funding structure that puts the Santa Clara project on track for a Q1 2021 groundbreaking.
CDLAC’s mission is to allocate tax-exempt private activity bond authority for the State of California. The bonds may only be used by the private sector for projects and programs that provide maximum public benefit, with an emphasis on the creation of affordable housing.
Vince Cantore, Vice President of Development at The Core Companies, said, “Our success in securing bond financing reflects the importance of the Agrihood in providing stable, sustainable housing and our strong partnership with the City of Santa Clara and County of Santa Clara, both of which provided early financial backing and support for the Agrihood vision.” He continued, “Santa Clarans have waited well more than a decade for housing at this site, we’re excited to bring the Agrihood to life.”
The Agrihood is Silicon Valley’s first-of-its-kind urban farm community, connecting contemporary urban living and affordable housing with Santa Clara’s agricultural past, and is the city’s largest affordable housing development in the pipeline. The project will house people of all incomes side-by-side, and includes a dedicated below-market rate component for seniors 55 years-old and over, as well as senior veterans and others struggling to stay in Santa Clara. In Santa Clara, 70% of senior households are considered to be in the low, very low, and extremely low-income brackets, with half of seniors falling into the extremely low bracket.
Cantore said, “Creating communities like Agrihood that have been intentionally designed to combine high density living, social services and access to healthy produce are needed now more than ever. The focus on our residents’ health and wellness is incredibly important in these challenging times
At project buildout, the Agrihood will deliver 361 new homes, 181 of which will be below market rate. Of these 181 homes, 165 will be set aside for low-income seniors. The project will additionally feature an urban farm, a café, community room and learning Shed.
Located across the street from Westfield Valley Fair mall near the San Jose border, the Agrihood sits on the former UC Davis agricultural research and development site known as the Bay Area Research and Extension Center (BAREC). The Core Companies was selected as the master developer through the city’s RFP process in April 2015.
About The Core Companies
Established in 1989, The Core Companies is a vertically-integrated real estate development and construction firm. Core’s mission is to create vibrant new home communities at all levels of affordability in transit-, job- and recreation-friendly locations throughout the San Francisco Bay Area, with a focus on enhancing the quality of life for our residents and continuing to play a positive role in the fabric of the neighborhoods we create. In addition to developing and constructing its own projects, Core also offers third-party pre-development, development management and construction services.