Newsworthy Developments

Renovation of Affordable Rental Development Key to Long-Term Affordability

Affordable Housing Supporters and Residents Celebrate $7.4 Million Renovation 
of Vista Terrace Hills Apartments

September, 2001 � Supporters of affordable housing and local residents celebrated the successful $7.4 million renovation of Vista Terrace Hills, a 262-unit, affordable rental development that offers long-term affordability and quality services to resident families. 

The renovations were led by Wakeland Housing and Development Corporation and The Related Companies of California, in partnership with California Housing Finance Agency (CHFA), San Diego Housing Commission, U.S. Department of Housing and Urban Development (HUD) and Fannie Mae (FNM/NYSE) � the nation�s largest source of multifamily financing.  Vista Terrace Hills also benefited from a much-needed grant provided by HUD to support a community service and anti-drug program.

"It�s critical that we continue to find creative solutions so we can preserve affordable rental developments in the San Diego area," said Ken Sauder, executive director of Wakeland.  "Thanks to this partnership, we have restored more than 260 homes to create a quality living environment where working families can afford to live."

Vista Terrace Hills Apartments, located on Del Sur Boulevard at Beyer Boulevard in San Ysidro, was designed for larger-sized families and features 210 three-bedroom units and 52 four-bedroom units.  The renovation included new appliances, fresh paint and carpet, extensive landscaping, a playground and a newly constructed community center with kichen facilities and computer access for residents.  Apartments are reserved for families earning up to 60 percent of the area median income, or $36,060 for a family of four.  

"I�m pleased to welcome back old residents and new residents to what is the new and improved Vista Terrace Hills Apartments," said William Witte, principal of The Related Companies of California.  "The renovation of Vista Terrace Hills is the result of a successful partnership, one that is improving San Ysidro and opening doors to a better quality of life for residents."

The $30.5 million Vista Terrace Hills development used public and private financing to maintain affordability.  Wakeland and The Related Companies of California jointly acquired the property for renovation and serve as co-general partners and developers.  CHFA issued $17 million in tax-exempt and taxable housing bonds, the San Diego Housing Commission provided $1.2 million in permanent financing and HUD provided $1.9 million in Interest Reduction Payment funds.  Fannie Mae made a $7.3 million equity investment in the property in exchange for federal low-income housing tax credits.

In addition to providing rehabilitation funds, HUD awarded a New Approach Anti-Drug Grant to the development team.  The grant is being used to support a new on-site Neighborhood Networks center that facilitates a social service and computer technology program for residents.  The grant also supports the purchase of additional equipment for the San Diego Police Department-Southern Division�s narcotics division, and over 2,000 auto clubs. The auto clubs are free to community members who complete a one-hour, anti-car-theft workshop conducted by local peace officers.  Some of the funding also will be used to provide cameras and security lighting at the apartments and surrounding perimeters.

"HUD is very proud of its role supporting the rehabilitation of Vista Terrace Hills, and providing the much needed grant to help support social service, anti-drug and community service programs," said Lester Fleming, deputy director of housing development at HUD.

Damian Jones, Fannie Mae�s regional public affairs director, said: "Fannie Mae is firmly committed to renovating and constructing quality multi-family housing in San Diego."  Since 2001, Fannie Mae has invested more than $31 million in equity investments in the San Diego area to support affordable multi-family housing developments like Vista Terrace Hills. 

"It is critical that we continue to find creative solutions so that we can preserve affordable rental developments in the San Diego area."

Ken Sauder,
Executive Director
Wakeland HDC

Councilman Ralph Inzunza presents proclamation from the City of San Diego to Gloria Sandoval, Property Manager for The Related Companies. 

Bill Witte (center) of The Related Companies, and Ken Sauder (left) of Wakeland present check to Andrea Skorpea (Casa Familiar) to support community development efforts of Casa Familiar.

Don Freeman, Neighborhood Network Coordinator presents Certificate of Achievement to Ken Sauder of Wakeland

Laura Olvera, resident of Vista Terrace Hills talks about  her experience as a resident.

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San Diego, CA 92101

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