SAN DIEGO (CNS) - The San Diego Housing Commission celebrated the re- opening today of the renovated Town & Country apartment building, which includes 143 rent-controlled apartments designed to remain affordable for more than 50 years.
The housing commission acquired the property in February 2017 and issued $28.3 million in Multifamily Housing Revenue Bonds to partially fund the apartment building's rehabilitation. The 143 units will remain capped at 60% of the city's Area Median Income -- $64,200 per year for a four-person household --
for the next 55 years.
The project converted 46 market-rate apartments into affordable units and extended the affordable status for the building's other 97 units. The housing commission's redevelopment also includes the addition of an adjacent community center with a computer lab, after-school programs and adult education provided by the San Diego Community Housing Corporation.
``We know that a place to call home can make a difference for a child's success in school, for their health outcomes, and for a family's ability to climb the economic ladder,'' said Housing Commission board Chair Stefanie Benvenuto. ``These homes and the work that is done to get us to this moment is about so much more than just (what) we can see.''
The renovations include new kitchens and bathrooms in each apartment, energy-efficient appliances, wood flooring, new roofs, water supply line replacements, new fencing and improved landscaping. Earlier this year, the San Diego Housing Federation honored the project during its annual Ruby Awards as the rehabilitation project of the year.
Mayor Kevin Faulconer joined representatives of the housing commission and its partner in the project, Chelsea Investment Corp., to celebrate the Town & Country's opening.
``This is an example of what we need to do more of in this city,'' Faulconer said. ``And that's why I'm so proud of how this turned out. ... As we talk about constructing more housing in San Diego, which I'm a huge champion of -- cutting the bureaucracy, cutting the red tape to do that -- it's incredibly important to invest in the housing stock that we have.''