Civic San Diego will loan more than $9 million to a community development agency to build a 13,469-square-foot mixed-use development in San Ysidro, the economic development nonprofit announced Monday.
Civic San Diego’s $9.325 million grant is funded by the New Markets Tax Credit, a U.S. Department of the Treasury program designed to stimulate low- income communities that see a relative lack of investment. Casa Familiar Inc. will construct its “El Salon” development on the original site of the Mount Carmel Catholic Church.
The project will serve as an expansion space for Casa Familiar’s art and culture programs, hosting a number of theater and pop-up events. The facility will also include the UC San Diego Border Community Station to promote community interaction and outreach, an expansion of Casa Familiar’s Social Services Center and a 120-square-foot coffee kiosk. Baristas at the kiosk will be participants in the El K-Fe training program for residents between 16 and 24 years old.
Civic San Diego has secured $133 million in New Markets Tax Credit funding since becoming a certified Community Development Entity in 2012. The organization works to find projects located in low-income communities that provide goods, services and quality jobs for the program.
Residents with investment projects that could potentially receive New Markets Tax Credit funding can contact Civic San Diego’s Michael Lengyel at email@example.com.
— City News Service