Economic Upturn?

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.