Architect's rendering of Serenade on 43rd, one of four projects funded by the State of California.

State of CA Awards Wakeland $68 Million 

 by ​Wakeland Staff
February 13, 2023

​SAN DIEGO - More than 350 struggling households will soon move into affordable homes in San Diego and Riverside counties thanks to $68 million awarded to Wakeland from the State of California’s Department of Housing and Community Development (HCD).
 
Wakeland received the funds for four separate projects (3 in San Diego County; 1 in Riverside County) in HCD’s first round of a new, streamlined program to develop affordable multifamily housing throughout California. Wakeland’s allocation represents 10 percent of the total funds awarded for multifamily affordable housing statewide and a whopping 78 percent of the money allocated to San Diego County.
 
“Our staff did an excellent job working with the state on a new and multifaceted funding process. The end result is that we will be able to move people into 356 new, affordable homes throughout Southern California in the next few years.” said Wakeland’s President CEO Rebecca Louie.
 
In 2022, HCD combined state-funded multifamily housing program funds to make them accessible to more communities, more equitable in serving the lowest-income Californians, and more targeted toward achieving better outcomes in health, climate, and household stability. This first round of the new Multifamily Finance Super Notice of Funding Availability (Super NOFA) received more than $3.5 billion in developer requests.
 
“California continues to advance our commitment to building 2.5 million homes – with one million affordable homes – by 2030, as outlined in our Statewide Housing Plan,” said HCD Director Gustavo Velasquez. “Our simple approach to funding helps us accelerate much-needed construction and ensure the lowest-income Californians have access to quality homes near jobs, transit, schools, and other necessities that will make our communities more inclusive for decades to come.”
 
The four Wakeland affordable housing communities that were awarded funding in the State’s Super NOFA are:
 
Cuatro at City Heights (San Diego) - Awarded $30.6 million
Cuatro will deliver 117 affordable homes for large families at four properties that are on a mix of land Wakeland received from the City San Diego through the Surplus Lands Act and purchased lots in San Diego’s City Heights neighborhood. 
 
Camino Terrace (Jurupa Valley/Riverside County)– Awarded $22.6 million
Camino Terrace is a new construction community of 80 affordable homes in Jurupa Valley, CA.
 
Union Tower (National City/San Diego County) – Awarded $11.5 million
Union Tower is a partnership project with the San Diego Building and Construction Trades Council to construct 94 new affordable homes on sites owned by the union in National City, CA.
 
Serenade at 43rd (San Diego) - Awarded $3.7 million
Serenade combines acquisition and rehab of an existing building with new construction to create 65 affordable homes in San Diego’s City Heights neighborhood in partnership with another nonprofit, Housing Innovation Partners.
 
“As we demand more housing to be built at the local level, it is incumbent upon the state to reimagine and modernize our own approval process,” said Governor Gavin Newsom. “State applications that were once redundant, and overly bureaucratic, are now streamlined to ensure projects are not stalled in an endless bureaucracy that favored process over production.”