Financing for 621 Affordable Units Approved Amid Housing Crisis
Six Housing Developments Throughout the City Will Provide Affordable Units For Families, Homeless Veterans
Tuesday, August 1, 2017 - NEWS RELEASE
San Diego – Financing was approved today for six San Diego housing developments that will provide 621 affordable rental housing units to help address the statewide housing crisis.
“We need more housing in San Diego, especially housing that’s affordable, so this is welcome news to folks struggling to make ends meet in the current housing climate,” said Mayor Kevin L. Faulconer. “Adding more low-cost units is an important part of our push to tackle San Diego’s affordable housing crisis, and we’re working hard to make sure that more and more of these projects get built throughout the city.”
The City Council, acting in its capacity as the Housing Authority of the City of San Diego, approved the preliminary bond authorization for two developments, the final bond authorization for three others, and construction financing for another development. The authorization of Multifamily Housing Revenue Bonds does not create a financial obligation for the City, the Housing Authority or the San Diego Housing Commission. Security for the repayment of the bonds will be limited to specific private revenue sources. Developers are responsible for the payment of all costs under the financing.
“Addressing San Diego’s housing needs will be a long process, but today is an important step that will help hundreds of local families meet the cost of living and embrace the opportunities to thrive in our community,” said City Councilmember Chris Ward.
The votes follow last week’s approval of the first two proposals in Mayor Kevin L. Faulconer’s “Housing SD” plan – a set of policy changes that aim to address the high price of housing for low- and middle-income San Diegans by increasing housing supply, lowering costs and promoting smart growth.
The projects approved today will be overseen on behalf of the City by the San Diego Housing Commission (SDHC) – a public agency dedicated to creating and preserving affordable housing in San Diego. They include:
- The Civita II Family Apartments – a 203-unit (201 affordable) multifamily rental housing development in Mission Valley.
- Bella Vista Apartments – a 170-unit (169 affordable) multifamily rental housing complex in Encanto.
- New Palace Hotel – an 80-unit (79 affordable) development in Bankers Hill.
- Luna at Pacific Highlands Ranch – a 79-unit (77 affordable) multifamily rental housing development in Pacific Highlands Ranch.
- Casa Puleta Apartments – a 54-unit (53 affordable) multifamily rental housing development in Southeastern San Diego.
- The Post 310 Apartments – 43-unit (42 affordable) multifamily rental housing development for families and homeless veterans near Hilltop.
All of the units for each development will remain affordable for 55 years. In all, the City Council gave preliminary or final authorization for more than $125 million in financing toward those developments – which will be completed over the next few years.
“These developments are great examples of the public-private partnerships that are essential to create additional housing that will remain affordable for decades to come for low-income San Diego families,” said SDHC President & CEO Richard C. Gentry. “I thank the Mayor and City Council for their leadership, support and partnership with the San Diego Housing Commission in addressing affordable housing.”
CONTACT: Craig Gustafson at (619) 453-9880 or [email protected]