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Council approves $4.5 million loan for 40th & Alpha affordable apartments
Summary
The council voted unanimously to authorize a $4.5 million residual-receipts loan to Alpha Street Housing LP for the 40th & Alpha Apartments, a 91-unit affordable housing project restricted at 30–60% AMI for 55 years. Council cited the project’s neighborhood location and childcare component.
San Diego’s city council unanimously approved a $4,500,000 loan to Alpha Street Housing LP to support the 40th & Alpha Apartments, a proposed development that would create 91 affordable units restricted at 30%–60% of area median income for 55 years.
Michelle Marano, assistant deputy director for the Economic Development Department, told the council the project will be built on a vacant half-acre city-owned site in the South Crest neighborhood and developed by a partnership controlled by Community Housing Works. Staff described a $4.5 million…
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