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A Newsletter For Our Friends &
Partners February
2009
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Affordable Housing Spotlight: 16th & Market
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 A
ribbon-cutting celebration debuted downtown San
Diego's first affordable housing high-rise,
located at 16th & Market. The 12-story, 136
rental property will serve low-income families.
Seven of the units will be set aside as
supportive housing for persons with special
needs.
Amenities include computer labs, exercise rooms,
activity/community centers, outdoor gardens and
play areas, and underground parking. The
environmentally-friendly project will also
feature retail space.
SDHC issued $40 million in tax-exempt bonds for
the construction of the 16th & Market site,
which was developed by Father Joe's Villages.
Other partners include JMI Realty and Lennar
Corp. (financial contributors) and Chelsea
Development Corp. (financial consultant). The
16th & Market project helps meet the City of San
Diego affordable ("inclusionary") housing
requirements for a nearby market-rate housing
development, Ballpark Village.
To date, SDHC has helped create over 12,000
affordable housing units in partnership with
for- and nonprofit developers.
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Construction Update: Ten
Fifty B |
 Construction
is well underway on yet another downtown affordable
rental high-rise: Ten Fifty B, developed by Affirmed
Housing Group.
SDHC provided $48.5 million in tax-exempt bonds
for Ten Fifty B, which will be completed by spring
2010. Additional funding sources included the City's
Redevelopment Agency and Centre City Development
Corporation.
 Comprised
of 229 apartments, the 23-story project will feature
"green" design elements, an on-site computer lab,
support services, community space, outdoor tot lots,
a parking garage - and 14,000 square feet of retail
space on the ground floor (with tenants to include a
new Burger King).
Click here for information about Ten Fifty B
and other affordable housing developments.
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Success
Story |
Court Reporter in the Making
Kimberly longed to finish studying to become a
court reporter - but the challenges of raising
her two children prevented her from doing so.
Thankfully, Kimberly was able to pursue her goal
with help from SDHC.
Once Kimberly became a resident of an SDHC
affordable housing community, she was able to
afford rent and other basic necessities - and
refocus on her future. Kimberly also signed up
for SDHC's Family Self-Sufficiency (FSS) and
Aspire (financial education) programs - which
helped her create a career development plan,
enroll in a trade school, and save up for the
stenograph machine and software she needed.
Kimberly is currently completing an internship
in court reporting - her final graduation
requirement before taking the state exam and
becoming licensed and certified in her field.
Kimberly hopes to become economically
self-sufficient by the end of the year, which is
when she expects she will start working as a
freelance court reporter.
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Promoting
Financial Literacy |
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 As
part of ongoing efforts to provide financial
education resources for affordable housing program
clients, SDHC participated in San Diego Saves - part
of the national America Saves campaign.
Through free workshops, newsletters and other
activities, SDHC promoted concepts such as paying
down debt, building emergency funds, opening a
savings account, investing and starting retirement
plans.
Suggestions for saving money included
tips such as the following:
· Shop
for food with a list and stick to it. Those who do
grocery shopping with a list tend to spend much
less.
· Keep
your car engine tuned and the tires inflated to the
proper pressure. Doing both can save you up to $100
per year in gas.
· Save
your loose change toward an emergency fund.
· Check
newspaper listings and websites to learn about free
or low-cost entertainment in your community - such
as museums, parks and amateur sporting events.
Shown in above photo: Hing and Fang open their
first savings account.
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Help for
Home Buyers |
 Nick
and Autumn were able to purchase a home - a
two-bedroom condominium in Mission Valley -
with help from the San Diego Housing
Commission.
Even with their combined professional
salaries (Nick works in commercial lending
and Autumn is a teacher), the couple had
been "shut out" of San Diego's expensive
housing market. But with help from SDHC,
they bridged the financial gap to
homeownership.
SDHC has a number of tools to help residents
buy homes in the City of San Diego.
Resources include deferred loans, federal
tax credits and down payment/closing cost
grants. Financial assistance is also
available for purchasing "for-sale
affordable homes" at below-market prices.
Additionally, this spring, SDHC will offer
resources to help applicants purchase and
renovate foreclosed homes.
Click here for more information about
SDHC home buyer programs.
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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.
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