San Marcos approves $6 million loan, ground lease to advance Richmore Senior Village affordable housing

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 agreement and the statutory requirement to hold a public hearing under the California Health and Safety Code. The project site comprises three contiguous parcels at 220 and 226 Richmore Avenue and 352 Firebird Street; staff estimated total development costs at approximately $32,000,000.

John Seymour of National Community Renaissance said the nonprofit has a long partnership with San Marcos and noted the organization's experience delivering affordable housing: "Finally, we've... worked to provide literally hundreds of affordable homes here for San Marcos," Seymour said. He and the development team said the city's funding commitment would help the project compete for additional state and local funding, including 9% Low Income Housing Tax Credits.

Stephanie Dela Torre, regional director for Hope Through Housing, described on-site services the nonprofit provides to senior residents at other projects, including food-security programs, life-skills workshops, connections to medical and behavioral-health partners and communal gardening: "Our mission is to break the generational cycle of poverty by providing programs that help residents sustain and communities thrive," she said.

Architect Tad Lupton outlined design and site details: the development would sit on about 0.85 acres (roughly 37,000 square feet), place building footprint and amenity space to preserve landscaping and include 25 carport parking spaces with solar, van-accessible stalls and several electric-vehicle-capable spaces. Unit types would include 10 studios (about 325 sq. ft.) and 41 one-bedroom units (roughly 420 sq. ft.), plus a three-bedroom manager unit.

Staff told council the developer did not secure county funding in the most recent round but was encouraged to reapply; staff said the city's $6,000,000 commitment would strengthen future funding applications. The developer indicated more than $16,000,000 in private capital and an anticipated conventional construction mortgage of roughly $5,300,000 toward the project. Council members asked about resident selection and leasing; Seymour said the project would use an interest list and income eligibility checks during lease-up and anticipated strong demand.

After public comment and deliberation, the council voted to approve the three actions before it: the Successor Housing Agency approval of the amended and restated development and loan agreement, the ground lease approval, and the city-council resolution adopting the amended and restated development agreement. The motion passed unanimously.