Catholic Charities of Santa Clara County has received $75.4 million in public funds to finance a 99-unit affordable housing complex in San Jose.

The San Jose-based nonprofit developer received the money for a six-story building at 551 Keyes Street, the San Jose Mercury News reported.

The project, approved last month, is among three sites bought by the county in April to build more than 300 affordable homes. The county paid $3.2 million for the 0.65-acre site.

The project, known as The Charles, would rise at Keyes and 12th Street, near Happy Hollow Park & Zoo, east of Downtown. A construction timeline was not disclosed.

The nearly $87 million development will include 97 affordable units set aside for residents who earn less than the area median income. Two other apartments will be manager units.

The cost per unit: $878,800, including studios, one-, two- and three-bedroom apartments.

Key sources for the construction financing include $44.6 million in tax-exempt state bond proceeds, $12.2 million provided by people or groups that received low-income housing tax credits, $9.3 million from Santa Clara County and $9.3 million from the City of San Jose, according to documents on file with a state treasury committee.

The Charles, designed by David Baker Architects, will include 3,800 square feet of unspecified commercial space, according to SFYimby. The building, sheathed in white, gray and brown with balconies, will include an outdoor courtyard, bicycle storage, laundry and community rooms.

The project had sought project approval under Senate Bill 35’s streamlined approval guidelines.

Catholic Charities of Santa Clara County, founded in 1993 by Catholic Charities, oversees the management and operation of more than 1,200 affordable homes, according to its website.

From The Real Deal