MILPITAS, CALIF. — Waterford Property Co., in partnership with C&C Development, has broken ground on a 75-unit affordable housing project in Milpitas. The 4 percent Low-Income Housing Tax Credit (LIHTC) community has an estimated development cost of $47.6 million, according to the California Tax Credit Allocation Committee.
The to-be-named property is slated for completion in early 2028 and is part of a larger residential planned community that also includes for-sale homes built by PulteGroup. Units will be reserved for families earning between 30 and 70 percent of area median income. Waterford has partnered with nonprofit Pacific Housing to provide resident services, such as after-school programs and tutoring and financial-literacy and wellness classes.
Designed by KTGY Architecture, the five-story project will feature two courtyards, a playground, grills, outdoor game area, lounge, community room, teen homework room, community kitchen, entertain space with a television and foosball table, a yoga and fitness center, bike storage and electric vehicle charging stations.
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.