Development Team Starts Work on Milpitas Affordable Housing Project

Waterford Property Co. has started construction of a 75-unit affordable multifamily property located at 1397 California Circle in Milpitas, located in California’s Santa Clara County. As part of a larger residential master-planned community, the 75-unit property will offer apartments to families earning between 30 percent to 70 percent of the area median income. Slated for completion in early 2028, the project is being financed with 4 percent Low-Income Housing Tax Credits and private activity bonds.

The project is designed by KTGY Architecture and built in partnership with C&C Development. Community amenities will include a tot lot, barbecue and outdoor gaming area, lounge, community room, teen homework room, fully equipped community kitchen and dining area, entertainment space with TV and foosball table, a yoga/fitness studio, bike storage and electric vehicle charging stations. Social services programming will be offered on-site.

Construction financing was provided by California Bank & Trust, with Citibank providing permanent loan financing. National Equity Fund serves as the project’s tax credit equity investor.