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SAN DIEGO, CA-Solana Beach-based Chelsea Investment Corp. and the non-profit organization Senior Community Centers of San Diego have joined forces to develop a 200-unit multifamily project that will serve homeless and very low-income seniors upon its completion next summer.

The development, which is currently under construction, will be open to seniors age 60 and older that earn 45% or less of the median area household income. Of the 200 units, 25 will be reserved for tenants with special needs. Amenities will include a library and computer room, recreation room, TV, private garden and rooftop terrace. In addition, an on-site kitchen will provide daily meal service to both residents and non-residents for a nominal fee. Rising at the corner of 14th and Market streets, the complex will consist of three and four-story buildings over covered parking.

The project is expected to incur a development cost of $19.1 million, with Simpson Housing Solutions LLC serving as the equity investor. The LLC has purchased $17 million in federal low-income housing tax credits, while the City of San Diego Community Development Corp. and the city’s Housing Commission have provided additional financing. Senior Community Centers is also running a building campaign, in which up to $9 million in available on-site corporate naming rights are being offered.

The project will “help bridge the gap” between today’s rising rental rates and the rent that seniors with limited incomes can afford to pay, says Chris Burns, project manager with Chelsea Investment. According to Burns, the rents here have not yet been determined but “will be hundreds of dollars below market rates.”

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