Struggling Taylor Oaks Apartments Gets Complete Makeover- Converted to Affordable Housing
October 24, 2012
San Jose, CA; October 10, 2012 – For the Future Housing Inc. Principal & Director of Development Jim Rendler announced the completed renovation of affordable-housing community Taylor Oaks Apartments, located at 2726 & 2738 Kollmar Drive, near Story Road and Capitol Expressway in San Jose.
For the Future Housing (www.ftfhousing.com), based in Campbell, CA is the developer for the acquisition and $3.3 million construction renovation, or roughly $56,000 per rental home. The 59-unit apartment community, which is comprised of studio, one-bedroom and two-bedroom apartments, is now restricted to individuals and families earning 50 percent of area median income or less for Santa Clara County. The project includes the addition of social services programs such as after-school tutoring that will be administered by Pacific Housing Inc.
Originally built in 1959, the two and three-story buildings were substantially dilapidated prior to being purchased by For the Future Housing in October 2011. They were successful in obtaining a $5.25 million Federal Neighborhood Stabilization Program II (NSP II) loan from the City of San Jose Housing Department and Housing Trust of Santa Clara County in part because the property is located in a federally designated census tract that was hit particularly hard by the recent financial crisis. The specific property suffered from extreme overcrowding and substandard living conditions as a result of deferred maintenance and poor management. The overcrowding was so extensive that there were individuals sleeping in the crawlspaces of some of the buildings. Since the property had not been previously transferred in the last 10 years, it was eligible for additional federal low-income housing tax credits.
"This project is a great example of utilizing public- private partnerships to provide maximum financial leverage in contributing to the goal of providing safe, quality housing to all residents of our community. The social services programs will provide meaningful improvements in the residents' lives in addition to the physical property improvements that we made," said Rendler.
Campbell-based Michael Roberts Construction Inc. was the general contractor and KTGY Group Inc. was the architect on the project.
AEGON USA Realty Advisors is the low-income housing tax credit investor. Citi Community Capital provided the construction loan on the project and Freddie Mac will provide the permanent financing.
Taylor Oaks' rents range from $544-per-month to $1,181-per-month. The community is 100 percent occupied and there is a waiting list of interested applicants. FPI Management Inc. is the property manager.
Specific renovations included soft-story seismic upgrades, complete elevated deck replacement, new staircases, new landscaping including a children's play structure and community garden beds, new concrete flatwork, new roofs, new stucco skim coat for all building, new asphalt, security cameras and new paint.
Interior improvements included asbestos abatement, all new cabinetry, trim, flooring, paint, A/C units, new toilets and tub/shower combos, and new appliances. Some of the green features included low-flow/high efficiency plumbing fixtures, certified Green building materials, artificial turf and demolition recycling.
The development team also created a new resident community room with restroom and full kitchen that will be available to tenants for events and social functions in addition to housing the resident services programs.
About For the Future Housing
For the Future Housing, Inc. (FTF) is Campbell, CA-based affordable housing development company specializing in the creation of high-quality affordable family, senior and single-resident occupancy (SRO) housing communities throughout California. The principals of FTF have more than 75 years of experience in real estate development, construction and finance. FTF is affiliated with Michael Roberts Construction, Inc., (MRC) a CA general contractor with extensive experience building high-density infill apartments. FTF, in partnership with MRC, brings unparalleled expertise in the thoughtful and efficient design and construction of its new communities.