Vista Grande renovation project finished in SE San Diego
San Diego Union Tribune
September 29, 2011
A $15.1 million renovation project to upgrade apartments for low-income residents in the southeastern San Diego neighborhood of Valencia Park has been completed.
Residents and local politicians celebrated improvements to the 49-unit Vista Grande Apartments, at the intersection of 54th and Santa Margarita streets, with breakfast and series of speeches Thursday morning. San Diego Mayor Jerry Sanders and City Council President Tony Young were among those who addressed a small gathering.
“This is a tremendous asset to San Diego,” Sanders said. “It makes a huge difference to the families living here and the neighborhood because it changes the neighborhood.”
The San Diego Housing Commission contributed $3.89 million to the effort, $781,000 came from the Southeastern Development Corp., and about $10 million was funded through financing between the Wakeland Housing and Development Corp., and Union Bank. The San Diego Housing Commission, Wakeland and SEDC partnered to acquire and rehabilitate the property.
“This is a great day for San Diego,” said Rick Gentry, the San Diego Housing Commission’s president and CEO. “It is an addition of 49 affordable housing units, which are desperately needed in this economy, as well as the redevelopment of an existing structure.”
To be eligible for Vista Grande housing, a family of four cannot earn more than $39,250 a year. Rents at the complex will be restricted for the next 55 years.
“It just shows that the city of San Diego, working with the housing commission, can actually improve people’s lives,” Young said. “This is really a big thing for the neighborhood.”
September 29, 2011
A $15.1 million renovation project to upgrade apartments for low-income residents in the southeastern San Diego neighborhood of Valencia Park has been completed.
Residents and local politicians celebrated improvements to the 49-unit Vista Grande Apartments, at the intersection of 54th and Santa Margarita streets, with breakfast and series of speeches Thursday morning. San Diego Mayor Jerry Sanders and City Council President Tony Young were among those who addressed a small gathering.
“This is a tremendous asset to San Diego,” Sanders said. “It makes a huge difference to the families living here and the neighborhood because it changes the neighborhood.”
The San Diego Housing Commission contributed $3.89 million to the effort, $781,000 came from the Southeastern Development Corp., and about $10 million was funded through financing between the Wakeland Housing and Development Corp., and Union Bank. The San Diego Housing Commission, Wakeland and SEDC partnered to acquire and rehabilitate the property.
“This is a great day for San Diego,” said Rick Gentry, the San Diego Housing Commission’s president and CEO. “It is an addition of 49 affordable housing units, which are desperately needed in this economy, as well as the redevelopment of an existing structure.”
To be eligible for Vista Grande housing, a family of four cannot earn more than $39,250 a year. Rents at the complex will be restricted for the next 55 years.
“It just shows that the city of San Diego, working with the housing commission, can actually improve people’s lives,” Young said. “This is really a big thing for the neighborhood.”