The San Diego Housing Commission, in partnership with Carlsbad-based developer Chelsea Investment Corp., recently opened two new affordable housing developments, Independence Point Apartments and Rancho Del Sol Apartments. The combined cost of the two projects is approximately $38.1 million.
Independence Point Apartment Homes celebrated its grand opening March 25 in Lincoln Park. Construction for this project started in July of 2014 and finished in January of 2016.
The $13.5 million residential complex is the first residential complex in Southern California to provide affordable housing specifically for families with at least one member who has a developmental disability, according to Carlos Flores, executive director of the San Diego Regional Center.
Chelsea Investment Corp. developed Independence Point in partnership with the Southern California Housing Collaborative, a nonprofit organization in Kearny Mesa that locates housing for the developmentally disabled, and the San Diego Housing Commission, who provided approximately 74 percent of the funding.
The Southern California Housing Collaborative will also coordinate services to residents through its network of vendors.
The complex, located on South Willie James Jones Avenue, has 31 affordable housing units, 28 rental townhomes and three apartment flats for low-income households. Of those, 25 units are set aside for households with members with developmental and intellectual disabilities.
Amenities include a clubhouse with a computer lab, internet access, classes in financial planning and English as a second language (ESL), private patios or balconies and attached garages.
The complex is for families with maximum annual incomes ranging from approximately $24,300 to $42,800 for a four-person household.
The San Diego Housing Commission authorized the issuance of $7.5 million in tax-exempt multifamily housing revenue bonds toward the Independence Point development; the San Diego City Council, as the Housing Authority for the city, approved the bonds.
The San Diego Housing Commission also invested $2.5 million in loans to the development, funded with federal money from HOME Investment Partnership funds granted to the city from the U.S. Department of Housing and Urban Development (HUD) and the City’s Housing Trust Fund, funded by the City’s Housing Impact Fee.
The $24.6 million Rancho Del Sol Apartments, located in Pacific Highlands Ranch at 6711 Torenia Trail, offers 95 affordable one-, two- and three-bedroom apartments. These units will maintain the affordable housing title for 55 years for families with incomes ranging from $48,600 a year for a family of four to $51,000 a year for a family of four. Pardee Homes, the developer behind the Pacific Highlands Ranch community, selected Chelsea Investment Corp. to develop Rancho Del Sol.
The architect on the project was Humphreys & Partners Architects and the general contractor was Emmerson Construction. Union Bank was the lender and CIC Management Inc. was the property manager for the development team. Construction started in January of 2015 and was completed in January of 2016.
The project was funded through multifamily housing revenue bonds approved by the Housing Authority of the City of San Diego, low-income housing tax credit equity, Pardee Homes, Chelsea’s deferred developer and general contractor fees and privately-placed bonds.
This community is located within San Diego’s North City Future Urbanizing Area, which requires residential developers to dedicate 20 percent of their units to providing affordable or low-income housing. To date, 411 units have been completed under the North City Future Urbanizing Area program in Pacific Highlands Ranch, with 338 still to be built.
Chelsea Investment Corp. has been involved in other affordable residential units, including Black Mountain Ranch, Torrey Highlands, Carmel Valley and Pacific Highlands Ranch. The corporation partnered with the Housing Commission on the Fairbanks Square Development in Black Mountain Ranch (another 98 affordable apartments for seniors).
The San Diego Housing Commission also partnered with Affirmed Housing Group for Pacific Highlands Ranch’s Cielo Carmel (195 affordable housing units scheduled to open in June).
The San Diego Housing Commission is also about to celebrate the re-opening of the San Diego Square Apartments, providing 154 affordable housing units for seniors (age 62 and older with incomes of 60 percent or less than the San Diego area median income). This is a partnership with Housing Development Partners, a nonprofit affiliate, and the Local Initiatives Support Corp. (LISC) San Diego.