Santa Clara County Housing Authority (SCCHA) is building a new 90-unit affordable housing development in San Jose, California.
The Alvarado Park project aims to housing insecurity for a highly at-risk population. Alvarado Park units target those earning 30%-60% of AMI, with many units restricted to seniors with serious mental illness who are chronically homeless.
SCCHA has developed and currently operates over 2,400 units of affordable housing across 30 developments in Santa Clara County. Founded in 1967, SCCHA operates the federal rental assistance housing programs for Santa Clara County and the city of San Jose. SCCHA was the first housing authority in the nation to receive a "Strong" ranking by S&P.
Alvarado Park is projected to be complete in July 2025.
Support Services
In addition to housing, Alvarado Park will offer support services to the local community.
Life Skills Training and Educational Programs, Inc. (LifeSTEPS) will be on-site, providing services such as:
- Instructor-led adult educational classes in health and wellness
- Skill-building classes in financial literacy, computer training, home buyer education, GED, resume building, ESL, nutrition, exercise, health information and art
- On-site food cultivation and preparation
LifeSTEPS currently serves over 31,000 homes at over 320 communities throughout California.
Financing Needs
Alvarado Park, as a new-build housing development, required $73 million in total funding. To secure this funding, and break ground on enhanced senior support in the community, SCCHA partnered with Comerica Bank.
Comerica provided a $33 million construction loan for this project. Additionally, through the Low-Income Housing Tax Credit (LIHTC) program, Comerica invested an additional $16 million into project funding.
Community Development Lending and Investments
For 30 years, Comerica Bank has been committed to enabling affordable housing for the families and communities we serve. In that time, we’ve invested over $1.5 billion in low-income housing tax-credit-qualified investments.
With Comerica, clients benefit from 1-on-1 service and access to Comerica’s full range of capabilities.
Together, we can unlock housing access and community development for local neighborhoods.
To learn more about Comerica’s commitment to community development, and our work with affordable housing builders like SCCHA, visit the Community Development Lending and Investments home page.
