Housing project awarded $1.48M in subsidies

Housing project awarded $1.48M in subsidies
Construction of the first building phase of the Mission Cove mixed-used affordable housing project is on schedule. Ninety housing units, a community resource center, and retail space is estimated to be finished in late 2017. Photo by Promise Yee

OCEANSIDE — Oceanside recently got the good news that a total of $1.48 million in federal Affordable Housing Program (AHP) subsidies was awarded to the Mission Cove mixed-use affordable housing project, which will provide housing for low and very low-income families, veterans, seniors and transitional youth.

National Community Renaissance (CORE) and Community HousingWorks (CHW) make up the development team for the project that sits on a 14.5-acre city owned parcel on Mission Avenue, between Interstate 5 and El Camino Real.

CORE is the master developer for the site, and is developing 150 family, one-, two- and three-bedroom apartment units in two building phases. CHW is developing an additional 138 senior/special needs units.

John Seymour, vice president of National CORE, said there is a low supply and high need for affordable housing.

Seymour said high local housing costs have made those earning minimum wage part of the working poor. The median rent in San Diego County has risen 32 percent in the past 16 years, and most workers’ pay has not.

“We are in one of the worst housing crises, housing affordability is so unaffordable for seniors, working families, we have a crisis at hand,” Seymour said.

The Mission Cove mixed-use affordable housing project aims to make a dent in solving the problem.

To date infrastructure work for the entire Mission Cove project is complete.

Construction of the first 90 family housing units, a community resource center, and 10,400 square feet of retail space is on schedule, and is estimated to be finished in late 2017.

Seymour said foundations for the 90 units are laid and the build will go vertical very soon. Framing of the resource center and retail space is already completed.

The cost to construct the 90 units is $43,432,000. A $890,000 chunk of the awarded AHP funds will go toward that cost.

Plans for the remaining 60 family units, and 138 senior/special needs units will be submitted shortly for the first round of plan checks. An adult day care, senior resident services facilities and resident organic garden will be built along with the 138 senior units.

These final building phases are estimate to see sticks in the air by early 2017.

Seymour said the 60 family units will likely be completed in 18 months.

The 60 units will cost $27,214,000 to build. AHP funds in the amount of $590,000 will go toward construction.

Rental rates for a one-bedroom family unit will range from $428 to $883 a month. Three-bedroom units will rent for $519 to $1,088 a month.

Seymour said rents are well below market rate, and allow low-income working families and seniors to have greater discretionary spending to buy more community goods and services, and add to the local economy.

He added a lack of affordable housing for working families pushes families out of the area, and leaves employers with a smaller pool of workers, which hurts the economy.

1 Comment
  1. bill 7 months ago

    here come da gangbangers!

Leave a reply

Your email address will not be published. Required fields are marked *

*

or

Log in with your credentials

or    

Forgot your details?