Affordable apartment complex opens in North County San Diego - The CW San Diego - News 8

Affordable apartment complex opens in North County San Diego

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SAN DIEGO (CNS) - The San Diego Housing Commission on Wednesday celebrated the opening of a housing complex in Pacific Highlands Ranch that includes 77 apartments for low-income residents.

The commission collaborated with the Affirmed Housing Group and R&V Management to develop the Luna at Pacific Highlands Ranch complex, which sits near Canyon Crest Academy High School, Pacific Trails Middle School and The Village shopping center.

Rent prices for the entire complex range from $800 to $1,500. Rent for the 77 affordable units will stay capped at 60 percent of the San Diego- area median income for 55 years. San Diego's current median income is $58,380 per year for a family of four.

"Additional affordable rental apartments are needed in communities throughout the city of San Diego," said Stefanie Benvenuto, vice chair of the Housing Commission. "And these apartments at Luna are important additions here in Pacific Highlands Ranch."

Roughly three-quarters of the $28.6 million development cost of the complex was covered by tax-exempt Multifamily Housing Revenue Bonds. The commission issued a total of $21.8 million in bonds, which were approved in August 2017 by the San Diego City Council acting as the San Diego Housing Authority.

Banner Bank funded the remainder of the project. The bonds will be repaid using private sources, such as revenue generated by the apartments, because the commission, city and Housing Authority are not liable for them.

According to the commission, more than 3,600 applications were received for the affordable housing units. Residents for each of the 77 one-, two-, three- and four-bedroom units have been approved and many are still moving in. With the Luna complex, the Pacific Highlands Ranch community now contains nearly 650 affordable housing units.

"What's particularly wonderful is when the Pacific Highlands community was developed, starting in 1998, the voters actually approved the development of this community with the condition that 20 percent of the housing built here would be affordable," said District 1 City Councilwoman Barbara Bry, whose district includes the development. "So this is a community that truly celebrates diversity and welcomes everyone."

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