San Diego County and Affirmed Housing on Tuesday broke ground on a planned nearly $40 million housing complex to provide affordable housing units for low-income people and families.
The Alora project, at 604 Richmar Ave., includes the demolition of 40 older units that are being replaced by 100 one-, two- and three-bedroom apartments for families earning 30-80% of area median income.
"The loss of affordable units, coupled with the continuously rising rents, is creating housing instability for thousands of San Diegans across the region," said David Estrella, director of Housing and Community Development Services at the county Health and Human Services Agency.
"It is very important, now more than ever, that the county take significant steps to preserve and create affordable housing opportunities throughout the region. And Alora is a significant step in this effort."
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According to the complex's blueprints, the four, three-story walk-up buildings will have laundry rooms, a pool, a community room and 171 parking spaces. Alora is expected to open in summer 2023.
The project's funding includes $6.25 million from the county's Innovative Housing Trust Fund and funding from the U.S. Department of Housing and Urban Development. According to the county, the development will remain "affordable" in the community of San Marcos for 99 years.
The Innovative Housing Trust Fund was established by the county with the intent to provide gap financing for developments that create or preserve affordable housing. To date, the $50 million invested in the fund has leveraged $567 million in other public and private funds to create and preserve 1,397 permanent affordable housing units within 20 developments in 15 communities throughout San Diego County.
In Aug. 2021, the Board of Supervisors increased funding by $20 million for a total of $70 million.