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In August and September of 2008, Townspeople, a California nonprofit, received gap financing from the San Diego Housing Commission Board and the Housing Authority for its acquisition and rehabilitation of a 34-unit apartment complex located at 4637 34th Street in Normal Heights. The nonprofit develops affordable housing for low-income persons; 12 of the apartments would be for persons "living with HIV/AIDS."

An executive summary to the San Diego Housing Commission dated November 6, 2009, reported: "Due to the recent credit crisis and resulting economic downturn, Townspeople is unable to secure tax-exempt bond financing to fund the costs of renovating the 34th Street Apartments." The commission's staff recommended asking the Housing Authority for permission to increase the commission's financing of the project.

It seems the necessary financing was secured, as the building is undergoing rehabilitation, judging by the large dumpster, Port-O-Potties, and gutted rooms, but no completion date for the project is available at this time.

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Comments

Founder Aug. 1, 2010 @ 10:07 a.m.

-- Call Foul -- first posted 10-07-29

"Build and they will come" quotes, all our Big Biz, and they will keep coming, our bills that is...

making BIG profit at the expense of our Great City, forgetting about the Public's Good, that's a real pity.

If all the voters really did care, Developers would just move else where!

and while those Developers made giant bucks, The voters got stuck with huge bills, and that sucks!

It's all those Big Business deals, "What do you really expect", how about a bigger cut for the City, what the heck?

Doing the old, "Switch-A-Rou", ripping US all, me and you!

When they decide to do it again, it will be just another Win - Win,

but not for the City budget for that, it will be a fudge-it!

BTW: For too many years, the City Council has helped themselves, (sitting as The Redevelopment Agency), by taking all the City's Public Works money (and much more) out of the City''s own budget and then given it as The Redevelopment Agency to the same Developers that have supported our Elected Officials in a big way!

Same Officials + same supporters + two separate budgets equals one HUGE amount of San Diego debt!

A Win - Win, but only for all of them!

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townspeoplenews Aug. 2, 2010 @ 2:11 p.m.

The 34th Street affordable housing project is expected to be completed and fully occupied by the last quarter of 2010. These one and two bedroom apartments will house low-income people with special needs with permanent supportive housing.

If you would like more information about Townspeople affordable apartments and housing services for low income people in San Diego please let us know. Our website is www.townspeople.org. You may also reach us at housing@townspeople.org

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