Grant helps close funding gap for affordable housing project

Grant helps close funding gap for affordable housing project
The planned 198-unit Mission Cove affordable housing project sits across the street from La Mission Village affordable housing project. Both were developed through a city and National CORE partnership. A $295,000 grant helps close the $2.5 million funding gap for planned mixed-use affordable housing project. Remaining funds are expected soon. Photo by Promise Yee

OCEANSIDE — The planned Mission Cove affordable housing project recently received a $295,000 Wells Fargo UrbanLIFT Community Grant, which will help close a $2.5 million funding gap for the $92 million project that will be built on Mission Avenue.

The grant funds will be used to build the community center and child care facility within the mixed-use affordable housing project.

John Seymour, vice president of acquisitions and forward planning for National CORE, said the remaining funds for the 198-unit affordable family and senior housing project should be secured by March.

“We’re almost there, it’s very achievable,” Seymour said.

Additional funding is expected from the California Mental Heath Services Act to support nine housing units for transitional age youth.

Funding from other sources is also pending.

In total the project will be financed through conventional debt, private sector equity, grants, city inclusionary housing fees, federal home funds and other sources.

National CORE has a development partnership agreement with the city in which the city secures inclusionary housing fees and federal home funds for the project and National CORE secures the remaining 80 percent of funding.

National CORE has developed two other affordable housing projects in partnership with Oceanside.

Cape Cod Senior Villas on Maxson Street is a 36-unit affordable senior housing apartment complex.

La Misión Village, located across the street from Mission Cove, is a mixed-use affordable family housing project.

The goal of the affordable housing projects is to provide safe, quality housing and ease the burden of housing costs for low-income residents.

To qualify to live in the affordable housing sites individuals and families must live and work in Oceanside, have an income of 50 percent below the area medium income, have a good credit rating, and no criminal record including no misdemeanors.

Annual requalification is conducted to ensure affordable housing units are serving those in true need.

An additional goal for family residents is to become self-sufficient and move on to a market rate rental or first-time home ownership.

“National Community Renaissance wants to see our residents become self-sufficient,” Seymour said.

The affordable housing units rent out for $200 to $400 a month less than market rate rentals.

The lower rent rates allow low-income families money to pay off bills, and save for bigger expenses like kids’ college or home ownership.

Seymour said there have already been several success stories of residents moving on from the La Misión Village project that opened in 2008 to market rate rental housing.

In addition to individual success stories the benefits of affordable housing are felt in the community with affordable housing residents having more disposable income and spending it in Oceanside.

Families and individuals also benefit from on-site services on affordable housing project grounds such as a medical clinic, a daycare center and an after school program.



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