SANTA CLARA — A unique mixed-use project of affordable homes and a working farm proposed for Santa Clara has landed key financing from a state bond, clearing the way for a construction start next year, the developers said.
Agrihood, which will consist of 361 homes and an urban farm across the street from the Westfield Valley Fair mall, has obtained $50 million in tax-exempt bonds from the California Debt Limit Allocation Committee, Core Cos., the developer of the Santa Clara project, said.
“Our success in securing bond financing reflects the importance of the Agrihood in providing stable, sustainable housing,” said Vince Cantore, a vice president of development with Core Cos.
The 361 new homes in Agrihood will include 181 that will be offered at below-market rates. Of the 181 affordable homes, 165 will be set aside for low-income seniors.
Along with the housing, Agrihood will also offer an urban farm,