News Story

Immanuel Sobrato Community Added to NEF Portfolio

Immanuel Sobrato Community is the new construction of 106 studio apartments – and two manager units – designed to serve chronically homeless households in San Jose, California. The development will target households earning at or below 50 percent of the Area Median Income, and 97 residences will offer Project Based Section 8 subsidies through the Santa Clara Housing Authority.

The four-story building will include a parking garage as well as a lobby, front desk, mailbox area and approximately 2,400 square feet commercial space. Other residential site amenities will include a community room with kitchen, computer lab, fitness room, office spaces for property management, resident services, a laundry facility and private outdoor recreation area. The property is within walking distance from a variety of neighborhood amenities including the Santa Clara Valley Medical Center, transit lines, grocery and parks.

Santa Clara County‐contracted service providers will have offices and conference rooms available on‐site to deliver supportive services directly to residents. MidPen Resident Service Corporation will provide a full-time coordinator/social worker for the property. This person will provide case management services including needs assessments, oversee support and educational programs, provide information and referrals to residents, and handle crisis intervention and mediation of disputes.

Due to the project’s proximity to the freeway, air quality and sound mitigation measures will be implemented – all residential units, hallways and offices will be provided with filtered air to ensure adequate health protection to future residents. Units that face the freeway will benefit from exterior wall and/or window acoustical improvements to meet the required noise standards within interior living spaces.

National Equity Fund invested $31.2 million of LIHTC equity in Immanuel Sobrato, its twelfth partnership with MidPen Housing Corporation, a San Francisco Bay area developer. In addition to the 4% tax credit equity, financing for the project will come from tax exempt permanent financing and soft funding from the City of San Jose, Santa Clara County, AHP funds and other miscellaneous sources.