The Helm, an affordable housing development with 77 units built in collaboration with the San Diego Housing Commission, opened Thursday.
Developed by Affirmed Housing, the commission and additional partners, the Helm transformed a former parking lot near Front and Beech streets into 77 studios that will remain affordable for 55 years, according to a news release.
“This is helping to address what I believe is the biggest challenge in our city and in our region,” Mayor Todd Gloria said. “It’s a crisis of a lack of affordable housing and its corresponding impacts on homelessness.”
He described the rents as “sustainable and affordable” to those with some of the lowest incomes in our community, including those who have been homeless.
A total of 32 units at the site are set aside for San Diegans with extremely low incomes, up to 30% of the Area Median Income, or $28,950 a year for a one-person household.
The housing commission awarded federal rental housing vouchers to help pay rent for those residents. The vouchers are tied to the units. When a tenant moves on, the voucher remains with the property to help another eligible household.
The commission also awarded a loan of around $4.2 million to develop the property. The loan consists of funds the agency administers from the city of San Diego’s Affordable Housing Fund.
The development includes four units for residents with income up to 60% of AMI, $57,900 for a one-person household, and 41 units affordable for individuals with income up to 80% of AMI, or $77,200 per year for a one-person household.
According to the commission, on-site services include adult educational, health and wellness and skill-building classes. Amenities include a multipurpose room, lounge, clubhouse, courtyard, bicycle storage and laundry room.
Trolley and bus stops are within one-third of a mile of the homes.
Financing for the development included 4% low-income housing tax credits, which California State Treasurer Fiona Ma’s office administers.
Additional financing partners included the California Housing Finance Agency, US Bank and the California Community Reinvestment Corporation.
– City News Service
