Casa Nueva provides affordable housing close to a variety of amenities and services near downtown San Diego.
Casa Nueva provides affordable housing close to a variety of amenities and services near downtown San Diego.

The San Diego Community Housing Corp. (SDCHC) has secured key financing to rehabilitate an essential affordable housing development.

The longtime nonprofit is revitalizing the 51-unit Casa Nueva Apartments, which features 26 two- and 24 three-bedroom apartments to serve large families as well as one one-bedroom unit. The townhome-style units are reserved for households earning between 30% and 60% of the area median income in San Diego.

In its first partnership with SDCHC, Merritt Community Capital Corp., a nonprofit low-income housing tax credit (LIHTC) syndicator in California, is providing $10.4 million in LIHTC equity for the rehabilitation.

“We are thrilled to announce the upcoming renovation of Casa Nueva, a vital step toward transforming lives and uplifting our community. This resyndication is not just about renovating buildings; it's about revitalizing hope, providing safe and improved living conditions for families, and fostering a brighter future for all residents,” said Ted Miyahara, SDCHC executive director. “Casa Nueva's transformation reflects our commitment to creating thriving, affordable housing that truly enhances the well-being of those who call it home.”

Financing partners also include Chase, the city of San Diego, and the San Diego Housing Commission.

“Preserving and improving an important community asset like this requires community commitment and collaboration and will ultimately transform the lives of many residents and families in San Diego,” said Eri Kameyama, vice president in Chase’s Community Development Banking business. “Preserving and improving an important community asset like this requires community commitment and collaboration and will ultimately transform the lives of many residents and families in San Diego.”