San Diego Foundation and Bear Creek Fund Advisors set up $100 million to finance construction of affordable homes
The partnership, announced on Oct. 6 as ground was broken on 38 studio apartments in North Park, pays for construction of housing projects rather than making grants. Its first four projects are to create 257 affordable homes.
San Diego. San Diego Foundation said on Oct. 6 that it has formed a $100 million financing partnership with Bear Creek Fund Advisors to pay for the construction of affordable homes in San Diego. The announcement came as ground was broken on the first project, a building of 38 studio apartments on Louisiana Street in the North Park neighborhood.
The money is construction financing for housing developments, not grants to nonprofits. Under the partnership, Bear Creek Fund Advisors will provide construction financing for affordable housing projects in the city, the foundation said. Its announcement does not give the terms or say what the foundation itself contributes. KFMB, the CBS station in San Diego, described the $100 million as a line of credit.
Four buildings, 257 homes
Louisiana Street is the first of four projects that are to create 257 affordable homes in North Park and Normal Heights, the foundation said. The other three, called Kansas II, Oregon and Kansas III, will break ground later. The foundation named Naturally Affordable Housing as the third partner in the development; NBC 7 San Diego identified it as the developer.
All 38 studios must stay affordable over the long term for residents earning up to 80 percent of the area median income. For one person, that is about $98,000 a year under San Diego County income limits, KFMB reported. NBC 7 reported that the studios will measure about 375 square feet and are expected to rent for around $2,100 a month, and that the first residents are expected at the end of 2027 if the project stays on schedule.
Another path to construction money
Traditional financing programs often require lengthy, competitive funding cycles, the foundation said, and the partnership offers another path to construction financing that can help qualifying projects move forward faster. The announcement does not say how other projects would qualify.
The foundation said the partnership is part of its goal of helping 1,000 households a year for the next 10 years secure and keep stable, affordable housing. Since 1975 it has granted more than $2 billion to nonprofits in San Diego County and beyond.
“An approved housing project is not yet a home. It takes financing and committed partners to get construction started.”
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