Affordable apartment complex opens in Navajo community - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Affordable apartment complex opens in Navajo community

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SAN DIEGO (CNS) - San Diego Mayor Kevin Faulconer, City Councilman Scott Sherman and housing officials Thursday celebrated the grand opening of Mesa Verde Apartments, which provides 89 affordable units to low-income families in the city's Navajo neighborhood.

The complex -- located near Mission Trails Regional Park -- was built by Chelsea Investment Corp., in partnership with the San Diego Housing Commission.

"This is the type of housing we need more in San Diego," Faulconer said. "This is about providing housing opportunities for San Diegans, for working families, to find that home, to find that apartment that they can afford. This is why we're going to great lengths to increase our housing, reduce costs and promote smart growth and revitalization."

All of the complex's apartments are occupied, and more than 2,500 households are on an interest list, according to the commission.

For 55 years, the building will remain affordable for households with annual incomes of up to 60 percent of San Diego's area median income, which currently is roughly $58,380 per year for a family of four.

"It's finally gotten to a point where we are realizing housing and the lack of housing is of dire importance to this city. I want my kids and my grandkids to be able to afford to live here and enjoy the things I enjoyed being a San Diegan growing up," said Sherman, who represents District 7, where the building is located.

Total development costs for the complex topped $33.9 million.

The commission extended a $9.6 million loan toward development and authorized the issuance of $22.3 million in tax-exempt Multifamily Housing Revenue Bonds.

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