CDT preserves 151 affordable homes at Almaden 1930 in San Jose

The Community Development Trust invested in the acquisition of Almaden 1930 Apartments, locking in affordability for 151 low- and very low-income homes in San Jose. The deal extends restrictions through 2072 and adds rehab funding in a market where affordable rentals are in short supply.

Why it matters: - The acquisition preserves 151 rent-restricted homes for low-income and very low-income families in San Jose. - The deal keeps affordable housing in one of the nation’s most supply-constrained and expensive rental markets. - The property serves households earning 50% and 60% of area median income at rents that are hundreds of dollars below comparable market rates in Santa Clara County. - Preserving the property adds long-term restricted housing near employment centers, transit and community amenities.

What happened: - The Community Development Trust invested in the acquisition of Almaden 1930 Apartments, an affordable housing community in San Jose. - The acquisition and capitalization closed with a new Freddie Mac Preservation Rehab loan in first position originated by CBRE. - This is CDT’s first acquisition in the Bay Area. - The transaction expands CDT’s equity investment presence in California.

The details: - Almaden 1930 is a core LIHTC property. - Current LIHTC and bond affordability restrictions were extended through 2072. - Ownership capitalized significant upfront funds to address immediate needs and support long-term capital reserves. - The preservation rehab plan includes landscaping, site and pool improvements, balcony repairs, roofing, siding, electrical repairs and a full exterior repaint. - San Jose remains among the least affordable metro areas nationally. - Santa Clara County faces an estimated shortfall of tens of thousands of affordable rental units.

Between the lines: - The transaction is designed to protect affordability without waiting for a new development cycle that can take years and cost far more. - Long-term capital reserves and rehab funding reduce the risk that physical deterioration will threaten affordability later. - CDT’s move into the Bay Area signals continued investor focus on preserving existing subsidized housing in high-cost markets rather than trying to replace it unit for unit.

What's next: - The rehab program will move forward on the building and site improvements outlined in the deal. - The extended restrictions will keep the homes affordable through 2072. - CDT will continue building its California footprint and national preserved-housing portfolio. - The organization now has more than $3.1 billion in debt and equity capital invested across properties in 45 states and regions, supporting more than 35,000 units and over 125,000 residents.

The bottom line: - CDT used acquisition capital and rehab financing to secure a long runway for 151 affordable homes in San Jose at a time when the region badly needs them.