Affirmed Housing Group is a step closer to building two affordable housing communities in San Diego after securing about $28 million in financing from Boston Capital.
The developer is building The Stella, an 80-unit permanent supportive housing development serving veterans and other individuals who have been homeless, and Bluewater, an 80-unit development for families and veterans.
These investments represent Boston Capital's 24th and 25th partnerships with San Diego–based Affirmed Housing. A real estate investment and advisory firm, Boston Capital syndicated low-income housing tax credits (LIHTCs) to provide equity for the properties.
"Great developer partners like Jim Silverwood and Affirmed Housing combined with a strong market, a superb location, and competitive amenities attracted Boston Capital to these investments in San Diego," said Jack Manning, president and CEO of Boston Capital. "The Stella and Bluewater are great examples of the LIHTC program's positive impact on communities, helping families, the homeless, and veterans get back on their feet through the creation of permanent and affordable homes."
The adjacent properties are located in the Grantville neighborhood of San Diego. Residents of these properties will benefit from the San Diego Housing Commission's Choice Communities program, which helps families receiving rental assistance move into San Diego's more affluent neighborhoods to take advantage of better employment and education opportunities. The Grantville neighborhood is one of the nine communities eligible for the program.
The Stella will serve individuals who have been homeless, including veterans, earning no more than 40% of the area median income (AMI). The six-story development will feature 41 studio and 39 one-bedroom apartments. Units will offer central air conditioning, kitchenettes with microwaves, vinyl plank flooring, and storage. Community amenities include an on-site management and leasing center, a lounge, a kitchen, central laundry facilities, and a computer lab. Supportive services will be available to the residents.
Bluewater will feature 32 one-bedroom, 24 two-bedroom, and 24 three-bedroom units in a five-story building. Units will be targeted to households earning up to 60% of the AMI, with eight units set aside for veterans. Units will offer central air conditioning, balconies, and Energy Star appliances. Community amenities will include community space featuring a lounge, a kitchen, central laundry facilities, and a computer lab, as well as 15,000 square feet of outdoor recreation space with a children's play area. Supportive services will be available to the veteran residents.
Boston Capital's investments in these developments add 160 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 15,500 affordable apartments in California.
