CDT Preserves 151 Affordable Homes at Almaden 1930 Apartments in San Jose

CDT recently made its first equity investment in the Bay Area with the acquisition of Almaden 1930 Apartments, an affordable housing community in San Jose. As part of the acquisition with our general partner, current LIHTC and bond affordability restrictions were extended through 2072, preserving 151 rent-restricted homes for low-income and very low-income families. Financing includes a new Freddie Mac Preservation Rehab loan.

Almaden 1930 is a core LIHTC property located in one of the nation's most supply-constrained, high-cost rental markets. The property serves households at 50% and 60% of area median income (AMI) at rents that are hundreds of dollars below comparable market rents in Santa Clara County.

"This acquisition advances CDT's mission to preserve deeply affordable housing where it is needed most," said Michael Lear, Chief Business Development Officer at CDT. "We are excited to bring mission-focused capital to preserve Almaden 1930 as an affordable housing option for residents in San Jose, and to provide long-term capital to safeguard the property's physical condition and affordability for years to come."

Read the full press release here. [pdf]