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San Marcos approves $6 million loan, ground lease to advance Richmore Senior Village affordable housing
Summary
The City Council acting as the Successor Housing Agency approved an amended and restated development and loan agreement with National Community Renaissance for a 100% affordable 52-unit (51 rentals + manager) senior project, backed by a $6 million city loan and a 99-year ground lease; developer will seek tax credits and other funding.
The City Council of San Marcos, acting in its capacity as the Successor Housing Agency, voted April 8 to approve an amended and restated development and loan agreement with National Community Renaissance (National Core) for the Richmore Senior Village project.
City staff presented the project as a 100% affordable development: 51 rental units plus one manager's unit for residents aged 55 and older, with unit incomes targeted at 30% to 60% of area median income and eight units set aside for veterans. The developer is requesting a $6,000,000 loan from the Successor Housing Agency and a 99-year ground lease of the project site.
"The developer agrees to construct a 100% affordable development on the property," Housing and Neighborhood Services Director Sylvia Solis Daniels told the council as she summarized the proposed amended and restated…
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