HDP to Rehab San Diego Seniors Housing Property
- Feb 04, 2015
San Diego—Housing Development Partners (HDP), a nonprofit affiliate of the San Diego Housing Commission (SDHC), is undertaking the rehabilitation of San Diego Square. The property is a 156-unit affordable seniors housing development in Downtown San Diego.
San Diego Square, a 12-story tower, features 154 one-bedroom apartments and two managers’ units. The apartments will be available to seniors earning 60 percent or less of the San Diego Area Median Income, or $33,180 a year for a one-person household.
Apartment renovations will include air conditioning, updated kitchens, baths, flooring and additional interior upgrades. Common amenities include a large community room with commercial kitchen, central laundry and landscaped patio, and the renovations will add a fitness center, computer lab and conference room to the property.
SDHC authorized the issuance of a state multifamily housing revenue note of up to $17.825 million for HDP to acquire and rehabilitate San Diego Square. The San Diego City Council, sitting as the Housing Authority of the City of San Diego, approved the note late last year. Boston Capital in investing in the rehab with tax credit equity from the Low Income Housing Tax Credit program.
Created in 1990, HDP develops and preserves affordable housing for low-income San Diegans through the rehab of existing buildings and new construction. Buildings specifically designed for seniors, families, workers and residents with special needs are among the developments in HDP’s real estate portfolio.