Last month, San Diego Housing Commission President/CEO Richard C. Gentry was invited to testify before the U.S. House of Representatives’ Subcommittee on Housing and Insurance as it considered this question: In the U.S., what will the housing market look like for the next generation?
As a 44-year veteran of the affordable housing industry, Mr. Gentry is an expert on the topic. His answer to the committee boiled down to this:
“For affordable housing, it should look much like San Diego, where we at the San Diego Housing Commission, in recent years, have implemented innovative approaches that bring together government and the private sector in partnerships to create and preserve affordable housing, provide federal rental assistance, and address homelessness.”
In highlighting the innovation that is essential to create and preserve affordable housing in San Diego, Mr. Gentry specifically described Chelsea Investment Corporation (CIC), as a model partner:
“Chelsea Investment Corporation is one of the top 20 developers of affordable multifamily housing across the nation, according to the Affordable Housing Financing magazine’s website, www.housingfinance.com. More affordable developers like Chelsea Investment Corporation, under the leadership of Jim Schmid, are needed.”
Citing the Low-Income Housing Tax Credit Program as the financing vehicle for nearly 14,000 units of affordable rental housing in San Diego, Mr. Gentry showcased Independence Point Apartment Homes, a project that CIC developed in partnership with the Southern California Housing Collaborative*. Completed in March 2016, Independence Point received financing from the Housing Commission and is the first residential complex in Southern California to provide affordable housing specifically for families with at least one member who has a developmental disability.
CIC is honored to work with the San Diego Housing Commission on a variety of real estate developments that add to or maintain the affordable housing supply in San Diego.
*Southern California Housing Collaborative is a nonprofit organization established to locate and secure affordable housing opportunities for people with developmental disabilities.