New Affordable Housing Coming to San Diego
Affirmed Housing began construction of a 79-unit community in Pacific Highlands Ranch. Dubbed Luna, the property will rent to those who earn between 50 and 60 percent of the area’s median income.
By Laura Calugar
Affirmed Housing broke ground on Luna, a 79-unit affordable community in Pacific Highlands Ranch, San Diego. Development partners include Wermers Multifamily, Architects Orange, Latitude 33 and GMP Landscaping.
Located at 6025 Village Way, Luna will be near retail, dining, schools, a future library and a transit station. Steps from a new public park, Luna will include two four-story buildings on the West and East sides of a new market-rate apartment community. The project features one-, two-, three- and four-bedroom apartments. Amenities include elevators, a community room, leasing office, computer room and laundry facilities.
Funding includes bonds issued through The San Diego Housing Commission and financing provided by Banner Bank and Bank of America Merrill Lynch. All apartments are restricted to singles and families earning between 50 and 60 percent of the area’s median income, which ranges from $32,000 to $72,000.
With rents between $851 and $1,582, Luna rent apartments will be less than half of the local average rent. “As Affirmed Housing celebrates 25 years in affordable housing, this new development is a prime example of the necessity of affordable housing. Luna will provide housing for the local workforce in a neighborhood normally unaffordable to those of lower income,” said Affirmed Housing President & CEO James Silverwood, in a prepared statement.
Image courtesy of Affirmed Housing