Grosvenor Property Americas, the developer of the large mixed-use project called the North 40 located just south of San Jose and Campbell, says it will donate nearly two acres of land to affordable housing builder Eden Housing.
Its comprehensive Phase II plan, submitted to the Town on Monday, features a two-acre public park in what was previously a private area.
“We are very grateful to Grosvenor for working with us and donating land to our organization,” said Linda Mandolini, Eden’s president and CEO said in a release. “We are delighted to be able to help families establish roots in the Los Gatos community, which would be out of reach without this generous donation.”
Grosvenor says this will allow Eden to build 68 “low-income” units for families earning up to 60% of the area’s “area median income.”
According to the Association of Bay Area Governments, 441,176 homes need to be created in the Bay Area by 2031 to account for a deficit brought on by municipalities like Los Gatos not building enough over the years—including 65,892 Low Income units, for people making 50-80% of Area Median Income.
Los Gatos is supposed to plan for 310 Low Income units in that time, meaning Phase II of the North 40 could help the community account for 22% of its total allocation for that category—all in one go.
It’s all part of Sacramento’s efforts to start to chip away (via Department of Housing and Community Development policies) at the serious housing crisis hobbling the State.
“The team has followed the Town’s Housing Element and General Plan 2040 (processes) over the years,” said Steve Buster, senior vp for Grosvenor, in the release. “Throughout this time, we have evaluated a number of options to help the Town meet its Department of Housing and Community Development (HCD) requirements. We are pleased that we were able to find a viable solution, while still delivering a strong public open space area that will meet the needs of the community and local residents.”