East San Jose senior housing complex is bought by Housing Authority

SAN JOSE — An affordable apartment complex for senior citizens in east San Jose has been bought by a county housing agency, a deal that occurred soon after federal officials had foreclosed on the property’s delinquent loan.

Girasol Housing, a 59-unit apartment complex, has been bought by the Santa Clara County Housing Authority, according to public documents filed on July 13.

The U.S. Housing and Urban Development Department sold the property to the county housing agency after HUD had foreclosed on a defaulted mortgage for the site, the county real estate records show.

The Housing Authority paid $4.15 million for the Girasol complex, according to the property files.

MACSA Housing Corp. had owned the property for decades, but defaulted on a loan that had been provided by HUD, county documents show. HUD provided financing to the MACSA Housing group in 1997.

The deal hints at a sharply declining value for the property. As of the end of June 2023, the property’s assessed value was $8.7 million.


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