The neighborhood is nevertheless amenity rich, with transit, parks, a grocery store, schools, a library, and a medical center located near Vela.
In addition, the median household income of the area is approximately $62,000 compared with $112,000 for the city overall. Most of the neighborhood's housing stock consists of rental units, and renters are more likely to experience eviction or displacement than homeowners. In the Alum Rock Avenue Urban Village Planning Area, where Vela is located, city planners are prioritizing displacement prevention for businesses and residents and increasing access to affordable housing. Green features at Vela include a solar thermal hot water system, solar-generated electricity, and energy-efficient appliances and windows. Project amenities include a common kitchen, a lounge, offices for property and services management, outdoor decks, bicycle storage, and an onsite food pantry. Measure A made possible the county's contribution to Vela's funding package. Financing for the $67 million project included $28 million in tax credit equity, $16 million from Santa Clara County, a $12 million permanent loan from Banner Bank, $9 million from the city of San Jose, and a $1.5 million deferred developer fee. Vela features 29 studio units, 13 one-bedroom units, 22 two-bedroom units, and 23 three-bedroom units, with the larger units better able to accommodate families. In practice, however, most units rent to households earning no more than 30 percent of AMI, with rental support provided through project-based vouchers connected to Vela's supportive units. Onsite supportive care and services are available to Vela residents, including those living in the 29 permanent supportive housing units and the 14 units reserved for rapid rehousing.Īddressing the Need for Affordable and Supportive HousingĪt Vela, 43 units rent to households earning no more than 50 percent of the area median income (AMI), and the remaining 42 units rent to households earning no more than 60 percent of AMI. Vela consists of 87 total units (including 2 manager units), 43 of which are set aside for people experiencing homelessness. The project also is the first approved under the SB 35 streamlined approval process and makes use of the new state tax credits. In December 2022, developer Affirmed Housing opened Vela, the first affordable housing development in San Jose to make use of Measure A funding for projects with rapid rehousing units. New state affordable housing tax credits, approved in 2019, are an additional resource for bringing needed affordable housing online.
Amidst Santa Clara's ongoing crises of affordability and homelessness, county voters approved Measure A in 2016, authorizing the county to borrow up to $950 million to "provide affordable local housing to vulnerable populations." At the state level, the passage of Senate Bill 35 (SB 35) in 2017 streamlined development processes by allowing for ministerial rather than discretional approval of qualifying projects with a certain minimum of affordable units. San Jose, California, is the Bay Area's largest city and the seat of Santa Clara County. The project provides 43 units of rapid rehousing and permanent supportive housing for people experiencing homelessness alongside other income-restricted affordable units. Vela is an 87-unit affordable housing development built by Affirmed Housing in San Jose, California. Leveraging New Policy Tools to Accelerate Affordable Housing in California
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