San Jose, Calif.—Brookwood Terrace Family Apartments, a development of ROEM Corp. and Eden Housing Inc., in collaboration with the city of San Jose, has been completed. The property offers 84 one-, two- and three-bedroom units designed to be affordable to families with annual incomes ranging from 30 percent to 50 percent of the Santa Clara County area median income.
Brookwood Terrace consists of three stories above a one-level subterranean parking garage and is located about 1.5 miles east of downtown San Jose. Project amenities include two large landscaped courtyards with barbeque and seating areas, a tot lot, a community room with kitchen and library, a computer center and a fitness room. The project was constructed using sustainable building methods and designed by architect KTGY Group Inc. to incorporate a number of green features, enough to apply for LEED Gold certification.
The project was financed with 4 percent Low-Income Housing Tax Credits and tax-exempt bond financing made possible by federal stimulus funding (the Housing and Economic Recovery Act of 2008), provided through the Freddie Mac Multifamily Bond Credit Enhancement Program. Hudson Housing Capital L.L.C. is the syndicator and JP Morgan Chase is the upper-tier investor. Brookwood Terrace also received support from the city of San Jose through a loan of up to $8 million.
Through public-private partnerships, ROEM Corp. has completed five new affordable housing developments this year alone, creating over 385 units. Though he expects sources of funding for affordable housing to decrease in the coming years, Derek Allen, director of development, ROEM Development Corp., says that his company will stay in the affordable development niche.
“Affordable housing will become even more critical as historical sources of funding at all levels of government are reduced,” Allen tells MHN. “Even with budget austerity as our new reality, we will to continue to focus on building housing for low-income families, individuals and seniors in partnership with government organizations, nonprofits and other corporate partners.”