ESCONDIDO — The California Enterprise Development Authority will be providing tax-exempt financing to Affordable Housing Initiative, Inc., for the acquisition and renovation of the Oak Hill Residential Care facilities in Escondido.
A 4-0 San Diego County Board of Supervisors vote Oct. 10 authorized the California Enterprise Development Authority to issue up to $20 million of revenue obligations. Supervisor Ron Roberts was in Atlanta for the American Public Transportation Association exposition.
The Oak Hill Residential Care facilities are located in the 600 block of Tranquility Glen and the 1300 block of Oak Hill Drive and consist of seven assisted living and memory care residential cottages with approximately 37,349 square feet of space and 99 beds along with a parking garage and storage facility.
Approximately half of the Oak Hill residents are on the MediCal waiver program, which is designed to place low-income MediCal patients in a more comfortable long-term setting rather than in a skilled nursing environment. Oak Hill Residential Care also partners with the San Diego Food Bank and distributes food donations to North County senior citizens.
Affordable Housing Initiative, Inc. was founded in 1997 and seeks to deliver quality health care to what is termed the “safety net population.” Affordable Housing Initiative, Inc. currently leases and also operates and manages the Oak Hill facility. The tax-exempt financing would allow Affordable Housing Initiative, Inc. to purchase the facility and provide renovations, and furnishings are also covered under the expenditures segment of the financing agreement.
The California Enterprise Development Authority provides tax-exempt loans and leases for qualified projects. The CEDA finances education, health care and cultural facilities, affordable multi-family housing and senior housing, manufacturing facilities and equipment, and solid waste, water and wastewater treatment facilities. Approval of the local government is necessary for the CEDA to issue tax-exempt financing, although the borrower rather than the county will be responsible for all costs.