Affordabe Housing
for San José Teachers Opens
Mayor Gonzales, Assemblyman Diaz, celebrate grand opening of
"Lenzen Square on the Alameda"
San José, CA --- A new affordable housing project for San
José teachers and families celebrated its grand opening today
with Mayor Ron Gonzales, Assemblyman Manny Diaz, and CORE Development.
"Lenzen Square on the Alameda" is an 88-unit affordable housing
project developed by CORE with financial assistance from the City of San
José, State of California, Federal Department of Housing and Urban
Development, and the Aegon Group.
CORE Development focused its marketing of the new homes, located on
Lenzen Avenue between Stockton and the Alameda, to teachers as part of
a unique partnership with the City of San José and San José
school districts. One-fourth of the units have already been rented to
teachers and education workers.
"School leaders told us we could help them recruit and retain good
teachers by helping them find good homes in San José, said Mayor
Gonzales, "Through our efforts over the last four years, we have
helped about 350 San José teachers move into homes they can afford
so they can live and teach in the same community."
"We are very proud of Lenzen Square at The Alameda", said
David Neale, President of CORE Development Inc. "We are committed
to building homes that are unique and well-built to benefit the whole
community."
The City's investments in affordable housing are possible because of
redevelopment tax revenue in San José. In addition to the requirement
under state law to invest 20 percent of redevelopment resources for affordable
housing investments, San José has increased its commitment to
30 percent.
"San José has become the most "teacher-friendly city"
in California through our innovations for affordable housing for teachers,"
said Leslye Corsiglia, San José Housing Director "Our partnerships
with CORE Development is another example of why we are so successful in
creating homes that are affordable for San José families."
The City of San José has made major commitments to create housing
for families at all income levels. Last fall, San José extended
its five-year plan to create 6000 more affordable homes by 2007 using
approximately $500 million from local redevelopment resources and $1.6
billion leveraged from state and federal housing funders.
The city has committed nearly $30 million this year to develop more
affordable homes for families with the lowest incomes, and it will help
build an average of 300 homes a year for this group over the next five
years.
"Redevelopment is vital to our community's long-term prosperity
and to California's future," said the Mayor. "Building homes
and revitalizing our neighborhoods are essential to a strong economy and
for our schools, children and families.
The City's ability to meet its affordable housing goals could be seriously
impaired as a result of current state budget proposals that would redirect
local property tax revenue to meet the California budget crisis. Until
the California Legislature and the Governor approve the state budget this
year, San José has suspended new investments in redevelopment
activities including more affordable housing, strong neighborhood projects,
and other revitalization activities.
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