Press Release

Markham Plaza, A Low-Income Rental Development, is Cited for Outstanding Use of Tax Credits

Washington, D.C. — Markham Plaza, a 305-unit affordable housing community in San Jose, has won the Charles L. Edson Tax Credit Excellence Award as one of the most outstanding low-income housing tax credit developments in the nation.

The prestigious award, granted by the Affordable Housing Tax Credit Coalition, was received today at a ceremony in Washington, D.C. The project received nearly $2 million from the Federal Home Loan Bank of San Francisco's (FHLBSF) Affordable Housing Program (AHP), a competitive grant program used to fund affordable housing for very low- to moderate-income individuals and families.

"We are pleased to contribute to such a worthy project,'' said Lawrence H. Parks, Senior Vice President for External and Legislative Affairs at the Federal Home Loan Bank of San Francisco. "It is a fine example of the contribution that public-private partnerships can make to revitalizing communities and creating quality affordable housing.''

Martha Putnam, affordable housing consultant for CORE Development, Inc., which developed the project, said the AHP funding came at a crucial time for the development. "The contributions by the Federal Home Loan Bank of San Francisco were key to making this project a reality,'' she said. "The early financing helped us get the project off the ground. The result is that we have built a development that is enriching the lives of low-income San Jose residents. It is a bonus that all of our hard work is receiving national recognition with the award that we won today.''

Markham Plaza was developed in two phases, with the final phase of 152-units completed earlier this year. Bank of America, a FHLBSF member, sponsored the AHP participation in Phase I, while Pacific Capital Bank, another member institution, was the sponsor in Phase II. The tax credits for the project were syndicated by PNC MultiFamily Capital.

The project provides housing for job trainees, as well as service employees. Markham Plaza has a computer training center with stations for 20 people, and additional space for counseling rooms. Developed by CORE Development, Inc., Markham Plaza's other partners include the City of San Jose, the Emergency Housing Consortium, Bank of America, and Citibank (West). The project consists of two, four-story buildings housing the 280 square foot studio units. Amenities include a computer room, community kitchen, 1,200 square foot community room, exercise facility, and a landscaped courtyard.

The project won the Charles Edson Tax Credit Excellence Award in the "metropolitan area'' category, which cites projects that were developed in inner-city areas, provide services to tenants in addition to housing, feature unique designs, and have extraordinary community-wide support.

"This is a great example of all aspects of the community, lending institutions, the city, nonprofit groups coming together to help build a project that will have a meaningful impact on the lives of the residents,'' said Jim Yacenda, the FHLBSF's Vice President, Community Investment Officer. "We will continue to fund projects like Markham Plaza, which play a key role in revitalizing communities in our region.''

The Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 337 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

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