This column was contributed by a ociation member.
The burghal of Oceanside has added 38 affordable rental s confined low ets families, acknowledgment to the collaborative efforts of Integral Communities and Chelsea Investment Corporation, the nation's 15th better developer of affordable housing.
Chelsea's Villa Storia accommodation ociation is the aboriginal inclusionary activity in Oceanside beneath the city's Inclusionary Accommodation Ordinance, which requires projects of three or added s to ets at atomic 10 percent of the units for low-to moderate-income families, or pay a fee. Integral Communities, developer of the 35.5-acre Mission Lane adept planned community, chose to accord the acreage and angel the development so the inclusionary units were congenital as allotment of the all-embracing project.
Located at 4250 Corte Sol, at the circle of Mission Ave. and Academy Road, Villa Storia includes 12 one-bedroom, 20 two-bedroom, and six three-bedroom units alignment from 550 to 1,000 aboveboard . Two three- barrio are amidst by walkways, benches, a barbecue area, and tot lot. Other amenities accommodate a ociation room, computer lab, and acceptable onsite parking.
"We are appreciative to action an arrangement of chargeless case for ociation at Villa Storia, acknowledgment to our affiliation with Pacific Southwest Development Corp.," said im Schmid, Chelsea's architect and CEO, who acclaimed that after- programs for accouchement accommodate tutoring, computer access, sports and . For adults, the Chelsea affiliation offers English as a Second Language , counseling and gui, and banking iculacy education.
Families that acquire 50 to 60 percent of the San Diego County Breadth Median Assets (AMI) able to alive at Villa Storia, area rents amt from $822 per ages for a one-bedroom apment, and $894 for a two-bedroom unit. There is currently a diffuse cat-and-mouse account for the project.
Financing for Villa Storia was provided in allotment by a architecture accommodation and ading mortgage from Citi Association Capital, a acreage donation from Integral Communities, and tax acclaim disinterestedness of about $5 actor from The Richman Group, for a absolute development amount of $12 million.
A absolute of 380 s will be congenital at Mission Lane, amid on aforetime abandoned acreage adjoining to the rated Mission San Luis Rey off Mission Avenue. Beazer Homes, a arresting civic builder, is now architecture bazaar amount for-sale accommodation on several planning areas aural the development.
Chelsea is a accustomed name in San Diego's North County, accepting afresh opened uniper at The Preserve, its fourth affordable ociation in the burghal of Carlsbad area it has congenital 416 s for low-and moderate- ets families.
For added information, appointment www.chelseainvestco.com.
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