“Valencia Pointe Apartments will provide affordable housing to a hundred families in a range of income brackets in one of the more expensive rental markets in the country. To finance such a substantial development, it was important to have strong creative development partners, flexible lenders, state and local financial participation, and the federal and state tax credits.”
Dana Mayo – Executive Managing Director, Hunt Capital Partners
Located at 5930 Division Street in San Diego, California, Valencia Pointe will consist of 102 multifamily apartment units with affordable rents in place for households earning 40 – 80 percent of the area median income (AMI). Unit mix includes 58 two br and 44 three-br units in a single residential building.
The Valencia Pointe development not only addresses San Diego’s need for affordable housing, but the project is expected to create over 100 direct and indirect jobs and generate up to $12 million in local income. The social and economic benefits will positively impact the area in the years to come.
Tax-Exempt Bond Proceeds, CalHFA MIP, Taxable Bond Proceeds, Federal LIH Tax Credit Equity, State LIH Tax Credits, Deferred Developer Fee
Deferred Costs, Forgone Developer Fee, Land Note, LIHTC Equity
We were honored to work with these amazing partners on this project.