Waterford Property Company has started construction on a new affordable multifamily community in Milpitas, located in Santa Clara County. The project will deliver 75 income-restricted units and is being financed with 4% low-income housing tax credits and private activity bonds. According to the development team, construction is expected to conclude in early 2028.
The affordable community is part of a larger master planned development that also includes new market-rate for-sale homes being built by PulteGroup. Waterford’s site is situated at 1397 California Cir., placing it within an emerging residential cluster that combines ownership and rental housing options.
The new property is designed to serve families earning between 30% and 70% of the Area Median Income, broadening access to housing for lower- and moderate-income households in the region. By reserving units across this income band, the project aims to address a portion of the demand from residents who are increasingly priced out of market-rate apartments and for-sale homes.
As part of the community’s service platform, Waterford has partnered with nonprofit Pacific Housing, Inc. to provide on-site social services at no cost to residents. Through this collaboration, households will have access to supportive programming delivered within the property, reflecting a model that combines affordable housing with resident-focused services.
Waterford has emphasized that the development aligns with a broader effort to work alongside local governments to expand long-term affordable housing. Company leadership highlighted its collaboration with the City of Milpitas and PulteGroup as an example of how public and private stakeholders can coordinate to increase the supply of income-restricted units in a high-cost market.
The firm also underscored that the community is intended to serve essential workers and working families, including professions such as teachers, nurses, first responders, and other residents whose earnings often fall within the targeted AMI range. By reserving the property for households within these income thresholds, the project is positioned to contribute to housing stability for key segments of the local workforce.
With construction now under way and a defined delivery timeline, the Milpitas development adds another affordable component to the broader master planned area while leveraging tax credit equity and bond financing to advance new supply. The combination of income-restricted units, coordinated social services, and master planned context reflects the type of structured approach many communities are using to deliver housing that is more attainable for local residents.
