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SAN DIEGO-Some direly needed affordable condos are about to hit the San Diego market, as potential homebuyers here continue to grapple with the issue of soaring home prices.

Developed by The Olson Co., the new Sycamore Walk residential project will deliver a total of 70 affordable condominiums and 50 townhomes to the San Diego market. Construction on the project has already begun, with grading currently underway, according to a company spokesperson. The developer is scheduled to kick off sales at the project sometime this week, with build-out expected by January 2004.

Prices here are set to range from the $120,000s to $152,000 for the condominiums and from the mid-$300,000s for the townhomes. Buyers’ incomes must be less than 80% of the area’s median income and meet annual income limits that range from $35,750 for a one-person household to $51,050 for a four-person household. In addition, they must financially qualify with The Olson Co.’s approved lender and fall within the San Diego Housing Commission’s numerous affordable housing guidelines. Preference will be given to people who live or work in the city of San Diego.

Buyers must also agree to a unique 55-year deed restriction approved by Fannie Mae that guarantees the affordability of the condos and townhomes for that entire length of time. It is the first time anywhere in the United States that Fannie Mae has used this deed restriction, according to the San Diego Housing Commission.

Sycamore Walk is rising at Via Fiesta and Lazanja in the San Dieguito Valley, on a parcel adjacent to the luxury master-planned community of Santaluz. Units range from one- to two-bedroom designs and will encompass between 584 sf and 1,828 sf. Amenities here will include a pool and spa.

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