If you’re a renter in San Jose, CA, you may be marvelling at the continuing increases in rent and the lack of affordable housing in 2017, as well as all of the other costs of living in this great city. Sure, you’ve got all the opportunities that come from living in Silicon Valley’s largest city. You’ve got the Sharks if you’re a hockey fan. Living in San Jose, you’ve got all of the benefits that come with living in a modern city that cares about its residents. But…
None of that makes a difference to people who can’t afford to live here. We’ve previously spoken about people who are severely rent burdened, and many people in San Jose fall into that category. Rent control in San Jose is slowly changing, some would argue negatively. Costs are going up, and while the median incomes are also rising over time that doesn’t mean everyone’s income is increasing.
Is There Quality Affordable Housing In 2017 In A City As Expensive As San Jose?
San Jose affordable housing in 2017 doesn’t have to mean that the housing is old or undesirable. ROEM Corporation has just completed construction on 134 units of affordable housing that will be available to households below sixty percent of the County’s median income. ROEM redeveloped part of the former Hitachi Global Storage Technologies property, with the intention of building an entire master-planned community.
Ultimately, the Lexington Avenue property will see the addition of condos, apartments, townhomes, a 10-acre park, and a variety of smaller parks. Those units will be at market rent, and you know what that means in Santa Clara County. So why would the company choose to build the affordable housing in 2017, and the remainder of the community in the years to follow? There are likely two driving forces behind that choice.
First, financing for the project came through a combination of Low Income Housing Tax Credits and bond issues which are exempt from taxes. That makes funding the project less expensive. In addition, the built-in sustainability of the building may help it qualify for LEED status. This potentially is worth other tax credits, and LEED certification means the community as a whole is energy-efficient enough to substantially reduce the operating costs of common areas.
Second, MHN offers a visual of the community, and it’s well-designed and attractive. Affordable housing in 2017 is no longer the stepchild of the rest of the developer’s work. The low-income units are considered to be a cornerstone of a master-planned community such as this one, and not just because there are some financial advantages as noted above. Developers are aware the NIMBY problem, and it’s particularly egregious in San Jose.
Everyone wants to see affordable housing constructed. But everyone wants it somewhere far away from their own home – “Not In My Back Yard”. There are preconceived notions about what affordable housing looks like, additional risks it’s perceived to bring, and other things which are difficult to dispel among people who are already living there. By building the affordable apartments first, the developer has neatly solved the NIMBY problem. From the perspective of the market-rate units to be constructed soon, those affordable units were “always there” and “never caused problems”. This is often the correct approach to mixed development.
According to MHN, Alex Sanchez of ROEM Corporation said, “In Silicon Valley, there can be some resistance to adding affordable housing. Once the local residents see the high-quality communities being developed, they tend to welcome new housing as our developments are indistinguishable from market-rate housing.” This is crucial to ensuring that all residents of large communities are happy with their homes.
San Jose badly needs more affordable housing in 2017. This development is a step towards that, even at a 60% of median income cap. That means a household with about $56,000 a year would qualify for this community. This evidences that the affordable housing problem is not solved by a few developments, but will require additional work. While Santa Clara County has one of the highest median incomes in the country, it also has its share of people living at or near poverty level. More solutions are required, but the Oak Grove apartments are a step in the right direction.
How Do You Protect Your Home On A Budget? Does Affordable Housing Qualify For Renters Insurance?
New Construction San Jose Affordable Housing In 2017
As a resident of San Jose affordable housing, you might wonder from time to time what would happen if you suffered a fire or a theft, or if someone accused you of causing them to suffer bodily injury or property damage. You’d be right to worry about these things, as those losses can destroy lives. How do you protect yourself and your family? How do you pay for someplace else to stay while repairs are being made, so that you can come back to your affordable housing unit when repairs are complete?
The answer lies in San Jose Renters Insurance. The first question on your mind is probably the cost, so rest assured that you can afford it. Renters insurance in Santa Clara County generally costs an average of fifteen to twenty dollars per month. That’s an amount that will fit into the budgets of most families, and it’s an amount that’s well worth the cost for the protection it provides.
Your personal property is protected against a long list of renters insurance perils such as fire, theft, and vandalism. Even items stolen out of your car are included, because your auto insurance certainly won’t cover them. Personal property coverage is generally at replacement cost, so you get the money you need to go buy new property rather than the actual cash value.
You have loss of use coverage, which pays for a hotel or other alternate accommodations until you can get back into your home following a covered loss. This can be a significant expense for many families, and the few days of a hotel that will be paid for by a charity just aren’t enough in a severe loss. But what about liability?
If someone claims that you caused them to suffer bodily injury or property damage, they can sue you. Defense costs add up, and that’s not even to speak of the actual amount of money owed on the claim. Fortunately, renters insurance protects you in two ways. First, when the claim is made, your policy pays for your defense costs. Second, of course, if the claim is proven and covered, the policy pays for the claim.
There is great value in renters insurance, and it’s very affordable. It’s also easy! Just call (800)892-4308 or click to get covered - whether you need San Jose renters insurance quotes online or coverage anywhere else!
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