By Jos Geha. San José Spotlight.
San Jose leaders are giving the green light to a developer's initiative that includes converting a market-rate apartment complex on La Alameda into affordable apartments.
The San Jose City Council on Tuesday unanimously approved a financing package that allows the nonprofit arm of Larkspur-based Catalyst Housing Group to buy the complex. Councilman Dev Davis was absent.
The board approved Catalyst obtaining $100 million in bond funds from a California joint venture group to purchase the building and convert it into affordable or below-market-rate apartments.
The California Municipal Finance Authority, made up of a number of federal agencies,