[Congressional Record Volume 148, Number 89 (Friday, June 28, 2002)]
[Extensions of Remarks]
[Pages E1184-E1185]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 CELEBRATING THE REHABILITATION AND PRESERVATION OF AFFORDABLE HOUSING 
                     AT EL RANCHO VERDE APARTMENTS

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                            HON. ZOE LOFGREN

                             of california

                         HON. MICHAEL M. HONDA

                             of california

                    in the house of representatives

                        Thursday, June 27, 2002

  Ms. LOFGREN. Mr. Speaker, today we rise to celebrate the El Rancho 
Verde Apartments, the largest preservation of affordable housing in the 
Western United States. This outstanding, $117 million effort has truly 
been a community effort to preserve affordable housing for families who 
could not otherwise afford the high cost of living in Silicon Valley. 
We commend the efforts on the part of several groups: The Related 
Companies of California; Community Housing Developers, Inc.; City of 
San Jose Housing Department; State of California Housing Finance 
Agency; State of California Treasurer's Office and the U.S. Department 
of Housing and Urban Development (HUD).
  Built in 1970, El Rancho Verde was at risk of being converted to 
market-rate property at the expiration of existing HUD Use Agreements. 
Now, this affordable housing will be preserved for a minimum of 55 
years.
  This rehabilitation project--considered by city, state and federal 
housing officials to be a model for the nation--preserves 700 low 
income two and three-bedroom apartments on 36 acres, enabling families 
to live in San Jose who otherwise might not be able to afford it.
  We would especially like to applaud state officials, who gave this 
development the second largest ever allocation of tax-exempt bonds for 
multifamily housing to date.
  Recognizing that childcare is another critical issue for low-income 
families, we commend the commitment to the East Side community in form 
of structural improvements to the adjacent child development center, El 
Rancho Verde Child Development Center. The Center serves 75 children, 
ages 3 to 10, most of whom live at the El Rancho apartments.
  Thanks to the efforts of The Related Companies of California and 
Community Housing Developers, Inc., approximately 3,000 people--1,500 
hundred of them children--will have a home in San Jose.

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  We wish to thank The Related Companies of California and Community 
Housing Developers, Inc., for their commitment to making San Jose 
affordable for all families.

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