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Council approves Sarah Mesa affordable housing deal and $4M loan for veteran and low-income units
Summary
The council approved a disposition and development agreement and a $4 million Bridge to Home loan for a 60-unit Community Housing Works project at 3440 Sandrock Road; 50% of units are reserved for veterans and the project relies on tax credits and multiple funding sources.
San Diego's City Council approved a ground-lease development agreement and a $4 million Bridge to Home loan on March 10 for a Community Housing Works project at 3440 Sandrock Road (Sarah Mesa). The 60-unit plan includes 59 rent-restricted apartments (30% to 60% AMI) and one manager unit; the developer proposes that half the units will be for veterans with supportive services and has secured VA vouchers for that purpose.
Economic Development staff described key terms:…
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