A 75-unit affordable housing community is coming to Milpitas, at 1397 California Circle.
A Waterford Property Community project, the undertaking is being financed by way of 4% low-income tax credits along with private activity bonds.
Families earning between 30 and 70 percent of the Area Median Income (AMI) will be eligible to live there. In addition to residential living, the community will offer after-school tutoring, leadership and social skill development resources for teens, and adult wellness and financial literacy courses.
Waterford is currently setting up multiple projects throughout California and Texas. Overall, they run $3 billion in projects containing over 6,100 units in 32 different communities.
Said company co-founder John Drachman in a statement, “California remains a challenging place to live due to its severely limited housing supply that keeps both home prices and rents elevated. 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.”
The Milpitas community will stand five stories tall, four of which will be residential. The parking garage below will be accompanied by a pair of courtyards. Families will be able to barbecue and play games outside, or use the community kitchen and dining area inside. There will also be a TV room, complete with a foosball table, as well as a yoga studio.
Waterford is aiming to get the project done by the start of 2028.
Afford right…with a studio running at $3480 a month and a 1 bedroom unit under 700 sq ft going for $4800 a month That not affortable, that is high way robbery… GREED