February 14, 2022
Development of 124 Affordable Rental Apartments Near Transit Will Create ‘Opportunity’ for Households with Low Income
The San Diego Housing Commission awarded 25 housing vouchers and authorized financing to support the ShoreLINE development
SAN DIEGO, CA — The new construction of 124 affordable rental apartments near transit in the Grantville neighborhood was applauded at a groundbreaking ceremony today as a source of opportunity for households with low income to live and thrive in the City of San Diego.
“Perhaps nothing is more critical than putting roofs over our families’ heads. That is what is so fundamental – shelter is so fundamental. And what you’re doing here today, what we will be doing in breaking ground on this project, is providing more opportunity for those future generations, which will go on to make our state great,” said California Lieutenant Governor Eleni Kounalakis.
Affirmed Housing is developing ShoreLINE apartments on property the Metropolitan Transit System (MTS) owns and previously used as overflow parking for the Grantville Trolley Station. The San Diego Housing Commission (SDHC) is supporting the development with rental housing vouchers and bond financing.
“It could be all the range, of a college student who’s just trying to get their shot at a positive future, to a senior citizen who has lived for decades in the city and is concerned that they cannot continue to afford to live here. That’s what this patch of dirt can do. That’s the opportunity that this site creates,” San Diego Mayor Todd Gloria said.
When completed, ShoreLINE apartments will consist of 124 studio, one-bedroom, two-bedroom and three-bedroom apartments that will remain affordable for 55 years for households with income of 30 percent to 60 percent of San Diego’s Area Median Income (AMI), or $36,350 to $72,750 per year for a family of four.
“Nobody out there cares whose land it is. You don’t care whose jurisdiction it is. You want units built. You want affordable housing constructed for people to move in to get where they need to be to have a roof over their head, a place that they can call home. And here in San Diego, our city, our county, our transit agency, our state leaders, we’re working together to get it done,” said San Diego County Supervisor Nathan Fletcher, who serves as Chair of the MTS Board of Directors.
SDHC authorized the issuance of $31.4 million in tax-exempt Multifamily Housing Revenue Bonds and $27 million in taxable bonds to support this development. The 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.
“Twenty months from now, we’re going to be back with that ribbon cutting, and we’re going to cut that ribbon. It’s going to be hot out here. But there’s going to be children and parents and families who are struggling to afford housing in San Diego who are going to be saying, ‘Thank you so much for building this housing,’” said San Diego City Councilmember Raul Campillo, who represents Council District 7 where the development is located.
SDHC also awarded 25 rental housing vouchers to ShoreLINE to help pay rent for tenants with income up to 30 percent of AMI. These housing vouchers are linked to this development, so when a resident moves on, the voucher is available to help another low-income resident afford to rent at ShoreLINE.
“I am a native San Diegan and someone who has personally experienced housing instability. … I am incredibly proud of Affirmed Housing and everyone here today, and I stand shoulder-to-shoulder with you in providing housing for those most in need among us in the community,” said SDHC Executive Vice President of Real Estate Emily S. Jacobs.
The ShoreLINE development is on a 1.06-acre site and will include five stories and an underground parking lot. ShoreLINE is in the center of a master-planned community being developed in Grantville, also near the Grantville Trolley Station along Alvarado Canyon Road.
“As many of you recognize, available land is sparse, and this innovative partnership between MTS and Affirmed links landowner and developer, creating a positive result. At Affirmed Housing, we’re proud of our ability to adapt and find innovative solutions for housing,” said Jim Silverwood, President & CEO of Affirmed Housing.
The California Department of Housing and Community Development provided a $10 million Transit-Oriented Development loan for the ShoreLINE development, which has an estimated total development cost of approximately $62.7 million. Additional finance partners on this development include Boston Financial and California Bank & Trust.
For more information, visit www.sdhc.org
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Media Contact:
Scott Marshall
Vice President of Communications
San Diego Housing Commission
619-578-7138
