$15.67M City loan shift moves Parkmoor apartments to permanent financing

San Jose plans to let Abode Housing Development use $15.67 million of its approved City loan for Parkmoor Community Apartments to pay down a Capital One construction loan instead of construction costs. The change would reduce that private loan to $2.1 million and move the 81-unit affordable development into permanent financing without increasing the City's approved loan. Destination: Home would also provide a conditional $950,000 grant for operating costs during the first 15 years. The council approved the action on Oct. 15, 2026.

Parkmoor Community Apartments Conversion to Permanent Financing.

Oct 27, 202626-1118: Parkmoor Community Apartments Conversion to Permanent Financing.Source documentPDF 1PDF 2