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Columbia Estates, 124 townhouses and garden-style apartments, for rent; Columbia Heritage, a 132-unit mixed-income seniors housing development; Columbia Park Citi, a 154-unit mixed-income garden-style apartment complex; Columbia Crest, a 152-unit mixed-use project with 5,000 square feet (460 m 2) of retail space; and
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The families either pay a monthly rent or may purchase the housing unit for an affordable price. [2] Site acquisition or improvement – In this type of activity, HOME funds purchase property that is later developed as affordable housing. This activity also covers the improvement and rehabilitation of current affordable housing. [2]
In 2017, the new Atmosphere apartment building in downtown San Diego drew attention when it announced that it would be offering 205 apartments to low-income residents. [57] Residents pay their portion of rent through Section 8 vouchers , and many of the apartments are available only to families who make 30% or less of the median income of the ...
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