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34th Street Project Details

The proposed project is a permanent affordable housing project that will involve acquisition and rehabilitation of this property.

• Located in the Normal Heights neighborhood

The rents will be affordable based on 30% to 60% of AMI.

Property Improvements:

When creating affordable housing units, Townspeople believes it is essential to make property improvements that enhance the property’s aesthetic and practical value, while preserving the distinctive architectural character of the community. In the proposed project, we plan to provide:

• Energy Efficiency measures: new windows and energy efficient appliances
• Remodeled Baths and Kitchens
• New wall treatments and floor coverings
• New exterior paint and trim
• Handicap accessibility improvements
• New security camera system

Funding Sources:

This acquisition rehab project will cost approximately $8 million in total acquisition and development. The project will use multi-layer financing from the following sources:

• LISC (Local Initiative Support Coalition)
• LIIF (Low Income Investment Fund)
• CSH (Corporation for Supportive Housing)
• SDHC (San Diego Housing Commission)
• MHP (California Department of Housing & Community Development Multifamily Housing Program)
• MHSA (Mental Health Services Act, California Housing Finance Authority)
• HOPWA (Housing Opportunities for Persons with AIDS)
• AHP (Federal Home Loan Bank Affordable Housing Program)
• Tax exempt construction bonds
• Tax exempt permanent loan
• Deferred developer fee