Affordable housing complex for seniors opens in northern San Diego
SAN DIEGO (KUSI) — An affordable apartment complex for low-income seniors was dedicated in northern San Diego Wednesday.
The 82-apartment complex called Fairbanks Terrace provides rental homes for seniors in Black Mountain Ranch.
This is the kind of project where the waiting list can be 10 years, with residents paying approximately $800 to $1100 a month — about 50 percent less than comparable apartments in the area.
Fairbanks Terrace is the fourth affordable housing complex built in an area of upscale residences — totaling 552 affordable units in all — by the company Chelsea Investment Corporation.
“What we do is affordable development, Project Manager Bob Cummings said. “In the 80 and 90’s, government built these projects. Now with tax incentives corporations seed money we build it we are the conduit.”
The residences are built in a location not typical of such housing — Downtown San Diego, Hillcrest and North Park.
“This is part of north city urbanizing area, very desirable,” Ted Miyahara, Vice President of the Housing Commission Real Estate Development said. “So developer wants to build, market rate city requires 20 percent dedicated to affordable housing.”
In the case of Fairbanks Terrace, the master developer, Cal Atlantic partnered with a company specializing in affordable housing — Chelsea Investment.