Waterford Continues Its Affordable Housing Development Surge in Santa Clara County
Register for Multifamily Owners Forum San Diego Here
Waterford Property Company announced this week that construction of a 75-unit affordable housing community in Milpitas, Santa Clara County, will begin.
This move is part of the company's goal of becoming the largest affordable housing developer and investor on the West Coast, Sean Rawson, co-founder of Waterford Property Company, told GlobeSt.com.
The project is being financed with 4% low-income tax credits and private activity bonds and is set for completion in early 2028.
California Bank & Trust provided construction financing, with Citibank providing permanent loan financing. National Equity Fund serves as the project's tax credit equity investor.
The new community is part of a larger residential master-planned community alongside new market-rate for-sale housing built by PulteGroup.
Waterford's new community is at 1397 California Circle and will target families earning between 30% and 70% of the Area Median Income (AMI).
In 2021, Waterford established itself as a leading provider of income-restricted workforce and affordable housing in California through public-private partnerships.
To date, Waterford has over $2.5 billion in income-restricted assets under management, and Milpitas continues this growth strategy, Rawson said.
Rawson said Waterford chose this location to become part of Santa Clara County's state-mandated Regional Housing Needs Allocation (RHNA). RHNA aims to provide 51,600 new affordable housing units by 2031.
"California remains a challenging place to live due to its severely limited housing supply that keeps both home prices and rents elevated," John Drachman, co-founder, Waterford Property Company, said in a release.
"That persistent need has only reinforced our commitment to focus exclusively on affordable and workforce housing, which is why we are building a large, robust pipeline of new projects."
Bringing Resident Services to the Community
Through a partnership with non-profit Pacific Housing, Inc, residents will have access to no-cost on-site social services programming, including after-school youth tutoring, teen leadership and social skill development, and adult financial literacy and wellness classes, as well as dedicated service coordination for individual families.
KTGY Architecture designed this new community, built in partnership with C&C Development.
The community encompasses five stories: four floors of residential units above a parking garage, with amenities including two podium-level courtyards. Featured amenities include a children's tot lot, BBQ and outdoor game area, lounge, community room, teen homework room, fully equipped community kitchen and dining area, entertainment space with TV and foosball table, yoga/fitness studio, bike storage and electric vehicle charging stations.
Currently, Waterford has a development and acquisitions pipeline of income-restricted affordable and workforce housing in California with over 2,000 units.
Source: GlobeSt/ALM