The downtown theater district will have affordable apartment rows for a generation longer. Last week, the city council approved an agreement wtih Horton Apartments to add 25 years to an agreement to keep the housing costs at the downtown apartments affordable, as Civic San Diego requested.
A need to refinance the loan from the city after a loan used to finance the housing loan came due on November 1st set up the opportunity to lengthen the time affordable apartments stay open for living at the Horton mall location on Fourth Avenue off Broadway. Horton has another 25 years to pay the housing loan. Refinancing was agreed on for the new agreement.
Apartments in the Horton Plaza lot that also has large amounts of retail space have to have prices residents with incomes no more than 110 percent the median income can afford.
City money used to pay the costs of making affordable housing available will increase. The money made off the loan during the extended period will go into a fund for low and moderate income housing.
This is the latest news for Breaking Light of Truth on Mondays. To read earlier articles, read
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