North Park Affordable Housing Gets State, Federal Support
Developer Secures $11 million in Tax Credits for 96 Affordable Housing Units for Seniors

SAN DIEGO, CA - The California Tax Credit Allocation Committee announced this week that a City of San Diego redevelopment project will receive an allocation of $11 million in federal and state tax credits that will be used to fund 96 units of affordable housing for seniors in North Park. The Renaissance at North Park project was the only application from San Diego to be awarded tax credits in the second round of state funding.

The San Diego Interfaith Housing Foundation applied for the tax credits, with help from the City's Redevelopment Agency. The foundation also serves as co-developer with Carter Reese and Associates for the senior affordable housing portion of the $24 million Renaissance at North Park redevelopment project, which will transform a blighted section within the heart of the historic neighborhood. In addition to the four-story senior and mixed-use component, 14 three-story townhomes are also available, providing a total of 110 affordable housing units. Additionally, a $6 million market rate townhome project, which is not funded by the Redevelopment Agency, will be included in the project area footprint. The project will also offer 13,000 square feet of commercial and community oriented space, a pedestrian plaza and 187 parking spaces.

"Renaissance at North Park addresses two critical needs in San Diego-affordable housing and senior living," said Hank Cunningham, assistant executive director of the City of San Diego's Redevelopment Agency. Renaissance at North Park provides high-quality, affordable housing for seniors who often are the most impacted by housing prices in the area. The project is a win-win for the community and its residents."

Renaissance at North Park is located in the North Park Redevelopment Project Area and bounded by El Cajon Boulevard, 30th Street, Meade Avenue and Kansas Street with a portion of the project sitting on the site that was once the Aztec Bowl. The project includes improvements to public right-of-way in the alleys, increased open space and walkability in the neighborhood. The project is also located at one of the potential stops of the Transit First Showcase Project, an express rapid transit service, proposed for El Cajon Boulevard between SDSU and Downtown.

"We're excited to provide the first affordable senior housing in North Park," said Mathew Jumper, president of San Diego Interfaith Housing. "Interfaith and Carter Reese are grateful for the hard work and assistance given by the Redevelopment Agency. Renaissance at North Park represents a creative and elegant mix of uses, one that we desire to strategically duplicate in other areas within Redevelopment Agency boundaries."

In addition to the Affordable Housing Tax Credits, the City of San Diego Redevelopment Agency is providing $4 million which will fund land acquisition and relocation, public improvements and technical assistance. Additional support is provided by the San Diego Housing Commission, which will provide a $2 million loan for the project.

The California Tax Credit Allocation Committee (TCAC) administers two low-income tax credit programs with the purpose of encouraging private investment in rental housing units for low- and very-low-income families and individuals. The TCAC is a seven-member committee consisting of three voting members, including the State Treasurer, the State Director of Finance and the State Controller, as well as four advisors. The Committee meets two times per year; typically allocating tax credits to one or two affordable housing programs in San Diego. The Renaissance at North Park was selected to receive the tax credits based on a number of criteria, including the total number of units set aside for low-income households with an income of less than 50 percent of the area median income.

For more information on the availability of rental and for-sale housing, as well as leasing information for commercial space for the Renaissance at North Park development, contact the following:

Senior Affordable Rental Units - San Diego Interfaith Housing Foundation at (619) 231-0288 x201
Affordable Townhomes (for sale): Carter Reese Associates at (619) 595-6868 x11
Market-rate Townhomes (for sale): Percy Williams, broker, (619) 686-5959x15
Retail Space: Reese Jarrett at (619) 686-5959x13

For more information about affordable housing units available citywide, contact the San Diego Housing Commission at (619) 231-9400 or visit www.sdhc.net.

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The City of San Diego Redevelopment Agency eliminates blight from designated areas, as well as achieves the goals of development, reconstruction and rehabilitation of residential, commercial, industrial, and retail districts. Redevelopment is one of the most effective ways to breathe new life into deteriorated areas plagued by social, physical, environmental or economic conditions that act as a barrier to new investment by private enterprise. The City of San Diego Redevelopment Agency consists of three divisions: the City Redevelopment Division (housed in the City of San Diego Community and Economic Development Department), the Centre City Development Corporation and the Southeastern Economic Development Corporation.