Did San Jose give a $26 million ‘bail out’ to a struggling affordable housing developer?
Across the Bay Area, developers arein a time of widespread economic uncertainty. But the recent taxpayer-funded lifelines extended to First Community Housing — whose executive director left the organization last month — have raised eyebrows among some in San Jose’s real estate community.
“When gaps exist in financing, we often step in, helping to ensure desperately needed housing is available to our most vulnerable residents,” the department said. “Any sales will be conditioned on the real estate remaining affordable housing with a high level of resident services for low-income residents,” he said.
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