City considers loan for homeless seniors housing complex

SAN DIEGO–┬áThe City Council will consider Tuesday approving a $5.5 million loan for construction of an affordable housing complex for homeless San Ysidro seniors.

Funds would come from the city’s $25 million Affordable Rental Housing Development Program pool, which is intended to leverage money from other public and private funding sources to spur development of mixed-income housing.

The three-story, 29,610 square-foot San Ysidro Senior Village Apartments building will be built on a 1.25-acre plot at 517 W. San Ysidro Blvd.

Fifty studio units will provide permanent supportive housing to individuals who earn 30-50 percent of the area median income. There will also be a community room, supportive service counseling offices, laundry facilities, storage lockers and bike storage.

The estimated project cost is $17.8 million.

Other funding includes roughly $10.65 million in state developer’s tax credits, a $700,000 San Diego Housing Commission loan, a $310,000 private loan and a $114,000 Regional Transportation Congestion Management Improvement Program waiver.