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SACRAMENTO-The California Housing Finance Agency has approved a $50-million funding package that will cover the development of two new apartment buildings, one in San Jose and the other in Salinas, and the renovation of another property in Santa Cruz. The two new projects total 152 units and the property to be renovated totals 50 units. All three projects will be affordable, built with environmentally friendly materials and located near mass transit.

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

CalHFA is providing approximately $34 million in construction and long-term loans for the project. Construction is expected to begin 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, wiring for Internet access, all appliances, air conditioning and a “green” roof.

In Salinas, CalHFA approved $12.2 million in construction and long-term financing for the Salinas Gateway Apartments, which will provide 52 units for families with household incomes at or below 30% of the area median income. Construction is expected to begin this fall. The four-story building will feature a “green roof” as well as other green features, such as recycled carpet, low VOC paint, energy-efficient appliances and green-rated cabinets.

In Santa Cruz, CalHFA is providing a $4.17-million long-term loan for extensive renovations to the Mission Garden Apartments, an existing affordable housing complex in Santa Cruz that provides homes for 28 families and 22 seniors at or below 60% of the area median income. Originally constructed in 1981 three miles from Downtown, Mission Garden Apartments consists of seven two-story residential buildings, a one-story maintenance building and a single-story community building.

The California Housing Finance Agency was created in 1975 with the goal of helping more Californians live in a home they can afford. The agency’s Multifamily Division has invested $1.4 billion for the construction and preservation of more than 33,000 affordable rental housing units to assist very-low and low-income Californians.

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