Council approves $825,000 loan to build Terracini senior apartments in Clairemont

The City Council unanimously approved a staff recommendation on July 30 to authorize an $825,000 HOME Investment Partnerships Program loan to Terrecini CIC LP for the Terracini Senior Apartments, a proposed five‑story, 94‑apartment affordable community in Clairemont (Claremont Mesa area).

Economic Development Department staff described the Terracini project as part of the Bridge-to-Home Round 3 portfolio: it will include studios and one‑bedroom units targeted to seniors earning 30%–60% of area median income, 54 parking spaces, rooftop solar and energy‑efficient systems, and a public senior center serving the surrounding neighborhood.

The city loan is structured as a 3% simple interest loan for 55 years, to be repaid from residual receipts, and the city will hold 55‑year affordability covenants on the 11 HOME‑funded units. Staff noted total development costs are estimated at approximately $46.2 million and that the Bridge-to-Home funding leverages additional sources to provide $8,777 per unit of HOME funding for the HOME‑funded units.

Public commenters including local residents supported the project, praising the focus on seniors, inclusion of solar and energy upgrades and the use of county-owned ground leased land to reduce costs. Councilmembers asked for clarifications about per‑unit and per‑occupant cost estimates and financing assumptions; Economic Development staff and developer representatives provided per-bedroom and per-occupant estimates and said the project could close and begin construction in late 2024 or early 2025.