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Loan Program
Funding for New Affordable Housing

The Housing Department provides "gap financing" in the form of low-interest loans or conditional grants to experienced developers of affordable housing projects in order to meet the tremendous need for affordable housing in the City of San José.  All loans are underwritten to the guidelines established in the Department's Project Development Program Policy and Procedures Manual.  As consideration for such financing, the City requires the recording of an affordability covenant that ensures the project typically remains affordable to lower-income tenants for 55-99 years.  

For more information on potential financing for restricted affordable multifamily developments, please contact:  

For information regarding the proposed sale of properties with existing City affordability restrictions and/or loans, or refinancing of existing multifamily development loans, please contact Asset Management

For additional information pertaining to multifamily developments, refer to pages for Developers, Inclusionary Housing, and Rental Housing Compliance.