Completion is slated for 2028.
Waterford Property Co., Pacific Housing and C&C Development have broken ground on a 75-unit affordable housing project in Milpitas, Calif. Completion of the KTGY Architecture-designed project is expected in 2028.
Development costs total $47.6 million, according to a staff report by the California Tax Credit Allocation Committee. CTCAC recommended $1.8 million in annual 4 percent LIHTC and $12.5 million in tax-exempt bonds to be issued by the California Municipal Finance Authority with KeyBank placement.
National Equity Fund is the tax credit equity investor, while California Bank & Trust provided construction financing and Citibank issued permanent mortgage…