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Press Release – Belovida at Newbury Park Opens its Doors

Affordable Housing Development Opens its Doors in San Jose
New Housing Opportunities for Older Adults

San Jose, CA, 2011 – The Core Companies, in partnership with EAH Housing and Hudson Housing Capital, LLC, recently celebrated the Grand Opening of Belovida at Newbury Park. Designed for active adults (55+), the beautifully designed 185 unit community is located in a newly created Urban Village close to the future Berryessa BART station in San Jose.

“San Jose has long been a leader in affordable housing, however even with the great strides we’ve made, there is still a critical need for quality, affordable housing for older adults. The Core Companies and EAH Housing are providing an essential resource for older adults in our community and I commend their commitment,” said Councilmember Sam Liccardo.

Made possible with receipt of United States Treasury New Issue Bonds – a component of the Federal Stimulus program, Belovida is a smart growth development creating local jobs and meeting the ever increasing demand for affordable housing.

“The support from the U.S. Treasury through the New Issue Bond Program contributes to the California Housing Finance Agency (CalHFA) mission to create affordable housing for California seniors and families. The Belovida at Newbury Park construction project was the very first of 22 successful affordable housing developments CalHFA was able to finance with this bond program,” said Executive Director of CalHFA, Claudia Cappio.

“Today we celebrate a public–private partnership with the City of San Jose, its Housing Department and close to a dozen financial lenders and supporters that shared a vision and a pledge to make 185 affordable homes available to active, older adults. We open the doors to Belovida at Newbury Park in our staunch commitment to provide a vibrant community that reinforces a socially active and healthy lifestyle so that residents can age in place,” said The Core Companies Vice President Chris Neale.

Affordable housing developments like Belovida at Newbury Park are long term infrastructure investments that give older adults a lasting sense of security.

Belovida is conveniently located near shopping and public transit, and yet is apart from the hustle and bustle of the city on a quiet street with no through traffic. Residents will find the 185 apartment homes designed with the most comfortable and practical amenities in mind. The property includes everything from private balconies and double paned windows to fully appointed kitchens featuring energy star appliance, and spacious living rooms for entertaining guests.

Community features at Belovida provide the opportunity for residents to take health and wellness classes, participate in weekly social events, use the internet with the optional assistance of a computer lab instructor, exercise in a large and modern fitness studio, or have an outdoor dinner party at one of the communal BBQ areas.

“Belovida at Newbury Park is about creating opportunities for older adults who already find the task of locating an affordable place to call home daunting, and may find impossible in the coming years with the elimination of Redevelopment Agencies,” said EAH Housing President and CEO Mary Murtagh.

The development team would like to thank and acknowledge: JP Morgan Chase Bank, the City of San Jose, Prudential Affordable Mortgage Company, Federal Home Loan Mortgage Corporation, California Housing Finance Agency CalHFA), State of California Housing and Community Development through the 1C Infill Grant Program, California Debt Limit Allocation Committee, California Tax Credit Allocation Committee, and the Federal Home Loan Bank of San Francisco, the Opportunity Fund of Northern California.

EAH Housing Belovida at Newbury Park 2011