Catalyst Impact Fund, Inc. (CIF), a California-based nonprofit housing investor, has acquired 787 The Alameda, a 168-unit multifamily community in San Jose.
The financial terms of the deal were not disclosed. CIF stated future leasing at the 2018-built property will be restricted to households earning less than 80% of Santa Clara County’s median income. In addition to reducing rents as much as 50% inside of current market rates, CIF said it will develop novel resident programming and a renter wealth creation model to empower intergenerational economic mobility.
“Low-income renter households face increasingly prohibitive housing costs and countless barriers to economic mobility,” said Annie Koo, president of CIF’s board of directors. “With the acquisition of 787 The Alameda, Catalyst seeks to demonstrate how affordable housing itself can be harnessed to build meaningful wealth for those who have been most affected by decades of exclusionary housing policy.”
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