San Diego County and Affirmed Housing Tuesday opened a planned nearly $40 million housing complex to provide affordable housing for low-income individuals and families.
The Alora project, at 604 Richmar Ave., includes the demolition of 40 older units that are being replaced with 100 one-, two-, and three-bedroom apartments for families earning 30 to 80 percent of the area’s median income.
“The loss of affordable housing, coupled with continued rising rents, is creating housing instability for thousands of San Diegans across the region,” said David Estrella, director of housing and community development services at the County Health and Social Services Agency.
“It is very important, now more than ever, that the county takes significant steps to preserve and create affordable housing opportunities throughout the region. And Alora is an important step in that effort,” Estrella said.
According to plans for the complex, the four three-story walk-up buildings will include laundry rooms, a swimming pool, a community hall and 171 parking spaces. Alora is expected to open in the summer of 2023.
Funding for the project includes $6.25 million from the county’s Innovative Housing Trust Fund and funding from the US Department of Housing and Urban Development. According to the county, development will remain “affordable” in the community of San Marcos for 99 years.
The Innovative Housing Trust Fund was established by the county to provide top-up funding for developments that create or preserve affordable housing. To date, the $50 million invested in the fund has leveraged $567 million in other public and private funds to create and preserve 1,397 permanent affordable housing units in 20 developments in 15 San Diego County communities.
In August 2021, the Oversight Board increased funding by $20 million to a total of $70 million.
City News Service contributed to this article.