The California Housing Finance Agency has opened the 102-unit affordable Valencia Pointe in San Diego. CRP Affordable Housing and Community Development was CalHFA’s partner on this project, while MAAC Project manages the property, according to Yardi Matrix data.
In 2020, the project received a total of $36.4 million in construction financing from Citibank, according to YardiMatrix data. The County of San Diego Health and Human Services Agency, the San Diego Housing Commission, the Debt Limit and Tax Credit allocation committees in the State Treasurer’s Office, MAAC and Hunt Capital Partners provided additional financing.
The four-building community comprises a mix of two- and three-bedroom units. Some units are affordable to extremely low-income families, while others are set aside for working class Californians. The mixed-income property has several services for its residents such as job training, credit counseling and budgeting courses. Community amenities include a business center, community room, basketball court, playground and pool. Laundry facilities and a total of 174 parking spaces are also available.
More affordable homes for Californians
CalHFA launched its Mixed-Income Program in 2019, since then making loan commitments to 47 projects which, upon completion, will represent more than 7,600 new affordable units across the state. Valencia Pointe is among the first communities in the program to come online.
Located at 3930 Division St., the asset is some 8 miles southeast of downtown San Diego and some 3 miles northeast of National City. Several entertainment, dining and retail options are available within a 2-mile radius.