June 14, 2019
Close to 600 Apartments Renovated, Affordability Extended in San Ysidro for Families with Low Income
The San Diego Housing Commission partnership developments Vista Terrace Hills and Coronado Terrace Apartments remain affordable for 55 years
SAN DIEGO, CA – The renovations of two affordable rental housing developments with a combined 570 apartments in San Ysidro fostered a sense of pride and community among the dozens of residents, some with children, who joined community leaders and development partners, including the San Diego Housing Commission (SDHC), today to celebrate the rededication of the properties.
“I’m going to hold today in my heart, in knowing the value of the work that we do,” said California State Assemblymember Todd Gloria, who serves on the State Assembly’s Housing and Community Development Committee. “That when we push that ‘yes’ button in Sacramento, that it translates directly into lives improved, families uplifted, and a chance for more people to live out the stories that some of us have been able to experience.”
Vista Terrace Hills, the site of today’s event, and Coronado Terrace Apartments, a property approximately two miles away, underwent significant exterior and interior renovations that included full roof replacements and new paint; kitchen, bathroom, flooring, and appliance upgrades; and sustainability features, such as energy efficient lighting, drought tolerant landscaping, and a solar photovoltaic system to offset electricity costs.
Vista Terrace Hills also installed new playground equipment and enhanced the community building with offices, a computer lab, and exercise area.
“By renovating and extending the affordability of these units, we are ensuring families the opportunity for a stable future that will help them thrive,” said Stefanie Benvenuto, Chair of the SDHC Board of Commissioners. “Vista Terrace Hills and Coronado Terrace are important to addressing our housing crisis because maintaining existing stock remains a key strategy for us locally while we work to build additional units.”
The affordable rental housing units at Vista Terrace Hills and Coronado Terrace will remain affordable for 55 years for households with income up to 60 percent of the San Diego Area Median Income (AMI), which is $64,200 per year for a family of four. More than 50 units between the two properties are affordable to households with extremely low income—up to 30 percent of the San Diego AMI, or $32,100 per year for a family of four.
Rents at Vista Terrace Hill’s 260 affordable three- and four-bedroom units and Coronado Terrace Apartment’s 310 affordable two- and three-bedroom units range from $574 to $1,377 per month, depending on the apartment size and the household income.
SDHC authorized the issuance of more than $190 million in tax-exempt Multifamily Housing Revenue Bonds for the acquisition and rehabilitation of the two affordable apartment communities:
- $96.7 million for Vista Terrace Hills, and
- $93.4 million for Coronado Terrace.
The San Diego City Council, in its role as the Housing Authority of the City of San Diego, approved the bonds. SDHC, the City of San Diego and the Housing Authority of the City of San Diego are not financially liable for the bonds. Private sources of funds, such as revenue from the development, are used to repay the bonds.
Additional financing partners included Chase Bank and US Bank.
“We’re thrilled to have this be our first development here in San Diego,” said Linda Mandolini, President of Eden Housing, Inc., the developer for the rehabilitation of Vista Terrace Hills and Coronado Terrace Apartments. “Every time someone asks me to talk about a housing authority that really does it well and does it right, San Diego is at the top of the list because you have done great work—an efficient housing authority that cares about the tenants and helps the tenants move up the ladder.”
Two longtime Vista Terrace Hills residents at today’s event spoke about how grateful they are to live at the community.
“Before living here, I struggled so much to pay my rent and provide for my family. Since I moved to Vista Terrace, my expenses have changed a lot, and we have received so many benefits, such as being eligible for before- and after-school programs for my kids, full medical coverage, and thanks to the opportunity I have of living here, I was able to pay for a course at a low-cost for my son to become a certified security guard,” said Regina, who has lived at Vista Terrace Hills for more than 10 years and spoke with the aid of a translator.
Residents of both properties may access educational, recreational, and health services provided on-site at Vista Terrace Hills by the nonprofit organization Neighborhood House Association.
Additionally, Project-Based Housing Vouchers awarded to Vista Terrace Hills and Coronado Terrace Apartments through a direct contract with the U.S. Department of Housing and Urban Development (HUD) help residents pay their rent. When one household moves out, the voucher remains tied to the unit to provide rental assistance to the next resident.
Representatives from the offices of U.S. Representative Juan Vargas, California State Senator Ben Hueso, California State Assemblymember Lorena Gonzalez, San Diego Mayor Kevin L. Faulconer and San Diego City Councilmember Vivian Moreno also participated in the rededication event, including a proclamation from the Mayor declaring today “Vista Terrace Hills-Coronado Terrace Day” in San Diego.
For more information about SDHC, visit www.sdhc.org.
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Media Contact:
Scott Marshall
Vice President of Communications
San Diego Housing Commission
619-578-7138
scottm@sdhc.org
