Historic San Jose house gets new shot at life, helping low-income families become owners

Habitat for Humanity will sell four renovated condominiums in San Jose to low-income families, with completion expected in August. The historic Pallesen Apartments, now valued between $510,000 and $620,000, will feature modern upgrades while maintaining its architectural integrity. Eligible families can benefit from $250,000 in down payment assistance provided by San Jose through Measure E funds, allowing them to avoid a down payment. Families earning up to 80% of the area median income, or less than $159,550 for a family of four, may qualify for the homes. Monthly mortgage payments will be fixed and capped at 35% of the family's income, ensuring long-term affordability.

Ben Grubb stated that this initiative could change the lives of multiple families over many years, highlighting the importance of affordable home ownership. The project received funding support from Santa Clara County and various local organizations, totaling approximately $2. 6 million for renovations. The Pallesen Apartments, originally built in 1910, were saved from demolition by community efforts, reflecting a commitment to preserving local history and culture.