Boston Capital is investing approximately $12.1 million in low-income housing tax credit equity in the rehabilitation of a 156-unit seniors housing development in downtown San Diego.
The general partner is Housing Development Partners (HDP), a nonprofit affiliate of the San Diego Housing Commission (SDHC).
SDHC authorized the issuance of a state multifamily housing revenue note of up to $17,825,000 for HDP to acquire and rehabilitate the property. The San Diego City Council, sitting as the Housing Authority of the City of San Diego, approved the note on Oct. 28.
San Diego Square is a 12-story tower featuring 154 one-bedroom apartments and two managers' units. Apartment renovations will include updated kitchens, baths, flooring, air conditioning, and additional interior upgrades. Development renovations will include the addition of a fitness center, computer lab, and conference room. The apartment community will be available to seniors earning 60% or less of the San Diego area median income, currently $33,180 a year for a one-person household.
The rehabilitation of San Diego Square will generate $10 million in local salaries and create approximately 107 construction jobs in the area. To date, Boston Capital has invested in more than 13,200 units of affordable housing in California.