SV@Home celebrates the South Bay Community Land Trust’s (SBCLT) successful acquisition of the Virginia Avenue Apartments on January 10, 2025. This milestone marks San Jose’s first use of Measure E funds for affordable housing preservation—setting a precedent for future community investments in these types of projects. The San Jose City Council allocated $5 million from Measure E to support SBCLT’s acquisition and rehabilitation of the property, which serves as a critical step in the city’s anti-displacement strategy.  

The Virginia Avenue Apartments consist of 18 previously unrestricted rental homes, housing low-income residents—nearly 89% of whom earn 40% or less of the area median income. With the acquisition funded by $4.5 million from the Bay Area Housing Finance Authority’s (BAHFA) Regional Early Action Planning program, SBCLT is committed to preserving affordability by capping rents at 30% of tenants’ incomes for severely rent-burdened households, freezing rents for one year, and ensuring long-term affordability through a 55-year city-imposed restriction.  

An additional $5 million city grant will go toward immediate rehabilitation to address deferred maintenance and improve living conditions. SBCLT also secured $1.5 million in additional funding from Destination: Home and philanthropic sources for displacement mitigation and construction contingencies.  

This effort stems from San Jose’s broader anti-displacement strategy, which evolved from early discussions on a potential Community Opportunity to Purchase Act (COPA). Through collaboration with SV@Home and other community partners, the city identified the resources and policy adaptations needed to support new affordable housing models, such as community land trusts and cooperatives. This acquisition, facilitated through the city’s $5 million Notice of Funding Availability (NOFA), exemplifies how targeted investment and policy innovation can preserve naturally occurring affordable housing and prevent displacement.  

With the first resident meeting held on January 18 to review updated leases, SBCLT now moves forward with much-needed rehabilitation and continues working alongside residents to shape a collective ownership model that reflects their vision. SV@Home is proud to support this groundbreaking initiative, which serves as a model for other cities committed to equitable housing solutions.