In San Jose, the money will be used to help fund the FourthStreet Apartments, which will provide one-, two- and three-bedroomhomes for 100 families with household incomes between 25% and 60%of the area median income. In addition, 35% of the homes will bereserved for people with disabilities.

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CalHFA is providing approximately $34 million in constructionand long-term loans for the project. Construction is expected tobegin by the end of the year. The building will have a two-level,above-ground parking garage and five stories of residential space.Amenities will include balconies, energy-efficient windows, wiringfor Internet access, all appliances, air conditioning and a "green"roof.

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In Salinas, CalHFA approved $12.2 million in construction andlong-term financing for the Salinas Gateway Apartments, which willprovide 52 units for families with household incomes at or below30% of the area median income. Construction is expected to beginthis fall. The four-story building will feature a "green roof" aswell as other green features, such as recycled carpet, low VOCpaint, energy-efficient appliances and green-rated cabinets.

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In Santa Cruz, CalHFA is providing a $4.17-million long-termloan for extensive renovations to the Mission Garden Apartments, anexisting affordable housing complex in Santa Cruz that provideshomes for 28 families and 22 seniors at or below 60% of the areamedian income. Originally constructed in 1981 three miles fromDowntown, Mission Garden Apartments consists of seven two-storyresidential buildings, a one-story maintenance building and asingle-story community building.

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The California Housing Finance Agency was created in 1975 withthe goal of helping more Californians live in a home they canafford. The agency's Multifamily Division has invested $1.4 billionfor the construction and preservation of more than 33,000affordable rental housing units to assist very-low and low-incomeCalifornians.

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