Four low-income families in San Jose will soon be able to purchase a home of their own.
Habitat for Humanity has been renovating the historic Pallesen Apartments building, now located at the corner of Fourth and Reed streets, and will sell the condominiums to first-time buyers when the rehabilitation is complete in August. The 115-year-old building — comprised of four, 1,100 square-foot two-bedroom condos — will have a new foundation and roof, as well as new flooring, cabinets, bathrooms, appliances and more. The restoration costs about $2.6 million. Scape San Jose LLC, the previous owner, donated the building to Habitat for Humanity.
The homes are targeted for low-income families — households making up to 80% of the area median income or less than $159,550 for a family of four — and very low-income families making between 30% to 50% of the area median income, or less than $100,450 for a family of four.
The families will not be required to make a down payment. San Jose is providing $250,000 in down payment assistance, or $62,500 per condo, to lower the sales price of the homes through Measure E funds…