April 6, 2022
Development Will Transform Former Hotel into 175 Affordable Rental Apartments for Seniors with Low Income
The San Diego Housing Commission awarded funding and housing vouchers to support the development
SAN DIEGO, CA — Seniors age 62 and older who have low income will have 175 new affordable housing opportunities in Rancho Bernardo upon the completion of a new development in collaboration with the San Diego Housing Commission (SDHC), which celebrated its ceremonial groundbreaking today.
“This groundbreaking is a crucial step in actually providing a solution to a problem we are grappling with here in San Diego, and that’s affordable housing, especially for our senior citizens,” said Councilmember Marni von Wilpert, who represents Council District 5, where the Tizon development is located.
Tizon will provide 175 studio apartments for seniors with income up to 60 percent of San Diego’s Area Median Income, currently $50,940 per year for a one-person household. Developed by Affirmed Housing, the apartments at Tizon will remain affordable for 55 years. The property also will include three unrestricted managers’ units.
“The struggle to find and maintain a home they can afford remains all too common for many San Diego households,” SDHC Interim President & CEO Jeff Davis said. “This is especially true for seniors, who often have to rely only on their fixed incomes to make ends meet. That is why the new apartments that will be created here at Tizon are so important.”
SDHC awarded 44 federal rental housing vouchers to the Tizon development, which will help pay rent for seniors with annual income at or below 40 percent of AMI, currently $33,950 for an individual.
These vouchers will be linked directly to the units at this development, so that when a resident moves on from an assisted studio, the voucher will remain to help another individual who meets the income requirements for the development.
SDHC also awarded a loan of approximately $4 million toward the development of Tizon. This loan consists of federal and local funds SDHC administers: HOME Investment Partnerships Program funds, which the U.S. Department of Housing and Urban Development awards to the City of San Diego, and the City of San Diego Affordable Housing Fund.
In addition, SDHC authorized the issuance of up to $24.9 million in Multifamily Housing Revenue notes toward the development. The San Diego City Council approved these notes in its role as the City’s Housing Authority. SDHC, the City of San Diego, and the Housing Authority are not financially liable for the notes. Private sources of funds, such as revenue from the development, are used to repay the notes.
“Our future seniors living at this beautiful site will have one less thing to worry about in life, not having to worry about how to pay rent each month, whether they need to move next month because their landlord is raising the rent 20 percent, and the list goes on. For that I congratulate everyone here today, as everyone has played a part and getting the team to this important milestone,” said Jimmy Silverwood, Executive Vice President of Affirmed Housing.
Tizon residents will have access to extensive on-site services provided by EnGAGE, including adult education classes, programs and events; health and wellness; lifelong learning; art and creativity; intergenerational programing and community outreach. San Ysidro Health also will food services three to five days a week for the residents.
“There are so many wonderful individuals that worked tirelessly to make this project a reality, from the City of San Diego, the Housing Commission and the financing partners, but most of all, Affirmed Housing and their leadership,” said Tori Floyd, Policy Advisor for County Supervisor Joel Anderson, whose district includes the Tizon site.
A former hotel property, Tizon will include an extensive community room with game area, TV lounge and community kitchen. Additional planned features includes an urban garden area, property management and social service offices; a computer room for residents; and a food preparation area for residents. An existing large laundry room on the first floor will continue to operate as the community’s laundry room.
“The unit amenities here are going to be spectacular; someplace any of us would be happy to have a family member live. So, I really look forward to seeing the finished product. It’s also just a tremendous use of public funds. It was really was a pleasure working with the Housing Commission,” said Nick Hamilton, Senior Managing Director of Lument, a finance advisor who helped coordinate federal funds for the development.
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Media Contact:
Scott Marshall
Vice President of Communications
San Diego Housing Commission
619-578-7138
