A Newsletter For Our Friends & Partners                                                 June 2008

Affordable Housing Spotlight: Dual Awards for Renaissance at North Park

RenaissanceSan Diego's Renaissance North Park has won two national awards for being a "model for affordable housing and redevelopment excellence." The mixed-use community earned an Award of Excellence from the National Association of Local Housing Finance Agencies and from the National Association of Housing & Redevelopment Officials.
 
The success of the project is due to public-private partnerships, with funding and other support from the City's Redevelopment Agency and Housing Commission. Renaissance North Park provides 108 units of affordable housing (senior rentals and for-sale homes), 24 market-rate homes and commercial space. The design pays tribute to North Park's early years by incorporating Art Deco, Craftsman and Spanish bungalow styles.
 
Read the news release.

Agency Actions

The Housing Authority and Housing Commission recently approved the funding of these affordable housing developments:
 
> $17 million in bond financing for Wakeland Housing's Parkside Terrace (75 units, new construction, downtown)
 
> $6 million for Boulevard Apartments (24 units, new construction, North Park) to be developed by Father Joe's Villages and Chelsea Investment Corp.
 
> $27 million to The Amerland Group to purchase and renovate Bay Vista Apartments (268 units, Lincoln Park)

Quick Links

Website: www.sdhc.org
Fact Sheet: What We Do

Success Story

EladioSDHC helps hundreds of residents each year achieve career and educational goals.
 
Eladio, a resident of an SDHC-owned apartment community, supports his family by running his own auto repair shop. His goal? To increase sales to be able to buy a home and no longer be dependent on housing assistance. With help from SDHC's Family Self-Sufficiency program, staff helped Eladio create a business plan and become certified in brake repair, smog testing and air conditioning. As a result, Eladio's business is booming and he's well on his way to reaching his goal.
 
Eladio was interviewed on KUSI about his successes. Click here to view the segment.

Public Housing Update

GolfcrestIn September 2007, SDHC was the first agency in the nation to receive HUD approval to withdraw from the public housing program, retain ownership of the properties and use the equity in those properties to leverage funding to develop additional affordable housing in San Diego. This achievement has been recognized throughout the national affordable housing community as an innovative, entrepreneurial action.
 
SDHC staff have completed the transition of former public housing families to Section 8 Housing Choice vouchers. Ninety-one percent of these households chose to remain in their current residences, leasing in place with the new vouchers. 
 
As the next step, SDHC is required to add at least 350 additional affordable units to its real estate portfolio. The agency recently issued a Request for Proposals and is considering all methods of development. The units, to be owned by SDHC, will serve low-income families, seniors, and persons with disabilities who earn no greater than 80 percent Area Median Income ($63,200 for a family of four).
 
Click here for a fact sheet.

Help for First-Time Home Buyers

AlexandraSDHC has over $6 million available to help residents purchase a home in the City of San Diego. Resources include deferred loans, federal tax credits and down payment and closing cost grants. Financial assistance is also available for purchasing "for-sale affordable homes" at below-market prices.
 
To date, SDHC has helped 4,300 families purchase a home through its home buyer assistance programs. Income guidelines apply. To learn more, click here. 
 
Pictured right: Downtown's Smart Corner condominiums are an example of for-sale affordable housing. Not only was Alexandra able to purchase an affordable condo at Smart Corner, she also received a deferred loan and a closing cost grant. For more information about Smart Corner affordable condos, call 1.888.336.6980.
                 
SDHCLogo
The San Diego Housing Commission is a public agency working to expand affordable housing opportunities in the City of San Diego. Each year, the agency helps 80,000 low-income individuals with affordable housing through award-winning programs that benefit the city's economy and revitalize neighborhoods. The agency also finances affordable housing development and advises the San Diego City Council on housing policy matters. Learn more: www.sdhc.org.