San Diego will help make five low-income housing projects financially feasible with $15.4 million in gap financing.
The projects in Hillcrest, City Heights, Palm City, Pacific Beach and Clairemont will include a total of 400 apartments, including 96 set aside for formerly homeless people.
This is the third wave of projects funded by a program Mayor Todd Gloria calls Bridge to Home. The previous two waves helped fund 937 apartments, including 272 for formerly homeless people.
Funding for the program, which began in 2022, is pooled from three separate sources: federal money for low-income residents, sales proceeds from properties owned by the city’s former redevelopment agency and state Permanent Local Housing Allocation funds.
The state money comes from Senate Bill 2, which provided money to cities to help fight homelessness and housing insecurity.
“The city is investing directly in affordable housing projects to address homelessness and provide homes that low-income individuals, families, and seniors can afford,” Gloria said in a Tuesday news release.
One of the new projects is Hillcrest Hall, a 97-unit project that will include 10 units reserved for formerly homeless people. It will get $3.18 million.
Humble Heart, a 72-unit project in City Heights, will get $1.23 million. Thirty-three of the units will be for the formerly homeless.
Palm City Transit Village, a 78-unit project in the San Diego neighborhood of Palm City east of Imperial Beach, will get $6.23 million. Twenty-four of the units will be for the formerly homeless.
Rose Creek Village, a 60-unit project in Pacific Beach that will be all single-room occupancy, will get $4 million. Eighteen of the units will be for the formerly homeless.
Terrasini Senior Apartments, a 95-unit project for seniors in Clairemont, will get $825,000. Eleven units will be for people who were homeless.
“The success of this funding program has increased not only the money available to developers, but also built developer capacity and brought new affordable housing developers to San Diego,” said Christina Bibler, the city’s economic development director.
The previous two rounds have closed funding gaps for projects in Rancho Bernardo, City Heights, El Cerrito, downtown, Encanto and San Ysidro.
