This 54-unit property was constructed in 1996 and is owned and operated by HDP. The development provides 54 two-, three- and four-bedroom units affordable at 50 and 60 percent of San Diego Area Median Income (AMI).
SDHC authorized the issuance of $5,025,000 in multifamily housing revenue bonds, administered by the state, toward the refinancing and rehabilitation of Knox Glen Townhomes. The San Diego City Council, sitting as the Housing Authority of the City of San Diego, approved the bonds on October 16, 2012.
The $2.1 million rehabilitation, completed in 2013, replaced the apartments’ original appliances and plumbing with new Energy Star-rated models, replaced kitchen and bathroom cabinets, and installed energy-efficient windows and doors. The nine apartment buildings received new roofing and exterior paint, and the grounds were upgraded with landscaping and water-conservation improvements. All units will remain affordable for 55 years.
9 percent low-income housing tax credit equity provided by Centerline Capital
Conventional loan provided by Chase
Residual receipts loan provided by Federal Home Loan Bank
Residual receipts loan provided by San Diego Housing Commission
Residual receipts loan provided by Southeast Economic Development Corporation.