Grand Re-Opening of Cypress Gardens in San Jose Showcases Effectiveness of Public-Private Partnerships for Affordable Senior Citizen Housing

SAN JOSE, Calif., June 4, 2012 /PRNewswire/ -- The Housing Authority of the County of Santa Clara (HACSC) will hold a grand re-opening of the Cypress Gardens senior citizen housing facility in San Jose, California, showcasing the agency's successful program of upgrading and revitalizing traditional Public Housing through creative public-private partnerships. Guests of honor for the gala event are Santa Clara County Supervisor Ken Yeager and San Jose City Councilmember Pete Constant. The press is cordially invited to attend on Thursday, June 7, from 1:00 p.m. to 3:00 p.m. at Cypress Gardens, 3555 Judro Way, San Jose, California 95117.

(Photo:  http://photos.prnewswire.com/prnh/20120604/SF18572)

Originally built in 1984, Cypress Gardens is one of HACSC's oldest affordable public housing facilities for senior citizens. Years of neglect and deferred maintenance, due to limited federal funding, had left Cypress Gardens in desperate need of rehabilitation. Faced with these financial realities, HACSC creatively partnered public and private parties to accomplish the task.

"Cypress Gardens proves that public-private partnerships are a win-win formula for serving the affordable housing needs of our seniors, disabled, and homeless residents of Santa Clara County," said Alex Sanchez, executive director of HACSC. "This is the kind of teamwork that can be achieved throughout the nation."

HACSC Solves a Stubborn Housing Problem
Built and funded under the federal government's Public Housing program for low-income renters in the 1980s and 1990s, 10 properties in Santa Clara, San Jose, Gilroy, and Campbell, California faced a steady downward trend in federal funding, maintenance and renovation. 

But through a creative partnering of public and private parties, HACSC in the past three years has rehabilitated and upgraded 555 Public Housing units, preserving critical low income housing options in one the country's hottest rental markets.

To accomplish this, HACSC leveraged over $90 million in private funds from Low Income Housing Tax Credits, tax exempt bonds, and commercial loans. The total cost of the construction work was approximately $84 million, and addressed millions of dollars of deferred capital work that could not be financed from the Department of Housing and Urban Development's annual Capital Grant for Public Housing. Four different general contractors were hired to complete these projects, and the work has created over 400 jobs for construction workers, legal and architectural professionals, as well as city building inspectors. Without HACSC's efforts, the properties would have fallen into disrepair, and valuable units that provide services and housing to extremely low income tenants would have been lost.

More about the Rehabilitation of Cypress Gardens
Cypress Gardens is comprised of 125 units for approximately 150 residents, mostly senior and some disabled citizens. The rehabilitation project, which began in November of 2010, included the repair of major interior, exterior, and common use areas. Among the improvements are: new outdoor siding, new windows, new paint, a new walkway, improved landscaping, new appliances, new floor coverings and fixtures, new common area kitchen appliances, a new multimedia center with a new computer, expanded laundry equipment, new air conditioning, and a new fire alarm system.

The project budget was approximately $7.6 million, the general contractor was Segue Construction, Inc. of Pleasanton, California, and construction lasted for approximately 13 months. 

"The rehabilitation of Cypress Gardens added approximately 80 jobs to our local economy," said Vanessa Cooper, HACSC's director of real estate services. "But more importantly, our unique teaming of public and private interests has resulted in a safer, more comfortable, and enhanced living environment for many of our most needy senior citizens."   

About HACSC
HACSC is the largest provider of affordable housing assistance in Santa Clara County, helping make rental housing safe and affordable for low-income families through Section 8 voucher programs and below-market rental properties. Designated a Moving to Work agency, HACSC currently assists over 19,000 households, the highest number in its history. The vast majority of client households are extremely low-income families with children, seniors, veterans, the disabled, and the formerly homeless.

HACSC is a pioneer in using the Low Income Housing Tax Credit program to develop affordable rental housing. It has built over 2,000 units, and received numerous awards. HACSC is the first housing authority in the nation to be given a "Strong" ranking by Standard & Poor's, and has 10 consecutive years of clean financial audits.

For further information about this release, please contact Alex Sanchez, HACSC executive director, at 831-295-3656 or Vanessa Cooper, director of HACSC real estate services, at 408-916-6772.  For further information about HACSC, visit www.hacsc.org. The Housing Authority of the County of Santa Clara is located at 505 West Julian Street, San Jose, California, 95110.

SOURCE Housing Authority of the County of Santa Clara