SAN DIEGO, Dec. 17, 2015 /PRNewswire/ -- Affirmed Housing broke ground today on Cypress, a 63-unit affordable apartment complex in the East Village District of Downtown San Diego in partnership with the San Diego Housing Commission (SDHC). Cypress is a Permanent Supportive Housing development serving homeless individuals, with $3.4 million in development funding and 62 Federal rental housing vouchers awarded by SDHC through HOUSING FIRST – SAN DIEGO, SDHC's three-year Homelessness Action Plan.
Cypress will offer resident services by St. Vincent de Paul Village, Inc. and is being built to meet a LEED Gold level of sustainability. Uniting affordability, sustainability, and a transit-friendly location in Downtown San Diego, Cypress epitomizes smart growth in an urban setting.
Todd Gloria, Councilmember for the City of San Diego, states, "Cypress will be a great addition to East Village. It will offer much-needed affordable housing to many of the approximately 800 homeless individuals living on the streets in Downtown San Diego."
Located at 1435 Imperial Avenue in San Diego, Cypress will offer 62 studio units with supportive services for homeless individuals, and one manager's unit. The efficient homes will range from 275 to 350 square feet, and have access to a large, 4,000-square-foot common area. Shared amenities at Cypress will include a community kitchen, tech tables, lounge areas, and outdoor open space. The community will also have a solar array to offset 60% of its common area usage, and will offer rents at 30% and 40% of the Area Median Income (AMI). Designed by Carrier Johnson, the six-story community will be on a .22 acre lot.
The project will utilize 9% Federal Tax Credits, $3,837,545 from HCD Transit-Oriented Development funding, and $3,450,000 in loan funds from SDHC, which include $2,850,000 from U.S. Department of Housing and Urban Development HOME Investment Partnerships Program funds granted to the City of San Diego and administered by SDHC and $600,000 from the City of San Diego's Inclusionary Housing Fund, also administered by SDHC. Also, the 62 federal housing vouchers have an annual value of $612,312.
Richard C. Gentry, President & Chief Executive Officer of SDHC, states, "Cypress brings together Affirmed Housing, St. Vincent de Paul Village, and the San Diego Housing Commission for the kind of collaboration we envisioned to address homelessness with HOUSING FIRST – SAN DIEGO."
James Silverwood, President of Affirmed Housing, states, "Cypress will bring essential affordable housing to Downtown San Diego. Affordable homes are particularly important in urban locations, and we are proud that Cypress will provide 62 new homes to those who are the most vulnerable."
Headquartered in San Diego, Affirmed Housing is dedicated to improving and sustaining the viability of California through the development of affordable housing. The company aims at enhancing communities and our environment by building professionally-managed, high-quality, green, multifamily housing. For more information, visit www.affirmedhousing.com.
Contact: Beth Binger
SOURCE Affirmed Housing