San Jose pilot program will convert nearly 200 units at downtown high-rise into housing for middle-income earners
San Jose pilot program will convert nearly 200 units at downtown high-rise into housing for middle-income earners is drawing significant interest across the industry.
San Jose is investing $11.2 million through a public-private partnership to stabilize a downtown housing development at the corner of Reed Street and Market Street facing high vacancies and currently in bankruptcy proceedings. The city will master-lease nearly 200 units – providing a subsidy that will lower rents and create more affordable housing for moderate-income households – and enter into an equity agreement that will see it recoup all of its investment, plus interest.
Experts suggest this could influence future trends and innovation in the sector.
More updates are expected as the story develops.
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