Quicklinks

<span> Park Terramar Apartments</span><br>SDHC partnered with Chelsea Investment Corporation to build Park Terramar, a 21-unit affordable apartment complex located in Torrey Highlands. It provides rental housing for low- and very low-income families in one of the region’s newest master-planned communities. Watch Video.04.02.12

<span>Vista Grande Apartments</span><br>SDHC partnered with Wakeland Housing & Development Corporation and Southeastern Economic Development Corporation to renovate the 48-unit affordable housing complex in Encanto. Renovations include a 1,740 square foot community center, basketball court, and playground area. Completed, September 2011

<span>Riverwalk Up and Running</span><br>An empty lot and a neglected creek is now an eco-friendly, affordable housing complex, a restored creek and a completed bike path. The new 50-unit development in the Otay Mesa/Nestor community was a joint partnership between the San Diego Housing Commission and Affirmed Housing Group. Completed, July 2011.<br>

<span>Arbor Village</span><br>Arbor Village is a 112-unit apartment complex in Lincoln Park. The Housing Commission partnered with the nonprofit LINC Housing Corporation to acquire and renovate the property. Renovations include a new community building with a computer lab, laundry facilities, and a children's play area. Completed, January 2011.

Creating Affordable Housing

Creation of more than 832 additional affordable housing rental units for families in the City of San Diego is underway, the result of an entrepreneurial investment strategy implemented by the San Diego Housing Commission (SDHC).

In 2009,SDHC launched an innovative Finance Plan and raised $95 million in low interest Fannie Mae and FHA mortgages by leveraging the equity of its existing properties to create additional affordable rental housing in the City of San Diego.

The SDHC’s ability to borrow against the equity of its public housing inventory is the result of a September 2007 agreement with the U.S. Department of Housing and Urban Development (HUD).

The agreement allowed San Diego to end its participation in the federal Public Housing Program and granted the Commission sole ownership and operating authority over its 1,366 multi-family housing units. The agreement further required SDHC to create “at least 350 units of both low-income and workforce affordable housing” for “families with incomes not exceeding 80 percent of the median income at initial occupancy.”

To date,SDHC has committed $95 million to acquire directly or through development partnerships eight properties containing 832 affordable housing units, far exceeding SDHC’s agreement with HUD.

When completed over the next three years, the number of affordable housing units SDHC owns will increase to more than 2,000. The new units will remain affordable for at least 55 years and may be rented to those earning no greater than 80 percent of the San Diego Area Median Income (AMI).

For more details about SDHC's Finance Plan, please see the following documents: