SAN JOSE — An affordable housing development in San Jose landed key construction financing that will help clear the way for the project to break ground, according to documents filed on July 23 with the Santa County Recorder’s Office.

City planning files show the residential project at 525 North Capitol Ave. in east San Jose would result in 160 units, of which 158 would be restricted to lower-income residents.

Its overall cost is slightly more than $130 million, a San Jose city memo shows. This includes construction expenses, permanent financing, land-purchase costs, fees paid to the developer and other miscellaneous amounts.

The overall construction costs are slated to be around $79.3 million.

Sources of construction financing for the project include $67.1 million from First Citizens B

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