l
IN THE NEWS
NORTH COUNTY BUSINESS JOURNAL
x
SPRING 2016
x
sdnedc.org
ages properties throughout North
County, including 700 units in San
Marcos, three projects in Oceanside,
three properties in Escondido, and
more on the way.
One property under construction is
Mission Cove, which will have 150
apartments and 10,500 square feet of
retail when it opens next year. Seymour
said, dependent on
income, people qual-
ified to live there
will pay between
$433 and $900 per
month for a one-
bedroom, $500 to
$1,000 for a two-bedroom, or $530 to
$1,100 for a three-bedroom apartment.
"Our demand for affordable housing
is off the charts," Seymour said. "We
can't build enough, but we're con-
strained because of the available fund-
ing sources to construct such affordable
housing."
Mission Cove shares a similarity
with Bressi Ranch in Carlsbad in that it
offers a place to live and a place to
work within walking distance. Bressi
Ranch and other walkable communi-
ties are popular because sometimes
low-income families don't have access
to a car, so being able to walk to the
grocery store and work is important.
But there are more options than just
apartments for rent. For example,
Mulberry at Bressi Ranch is an income-
restricted community of townhomes
ranging from 863 to 1,121 square feet,
selling for the high $100,000s to the
mid-$200,000s, according to their
website, according to their website, .
The development's website lays out
the program guidelines, including in-
come restrictions and a caveat that the
mortgage, HOA, property tax, etc., can-
not be more than 35 percent of the
household's total monthly income at
the time of purchase. The income re-
quirements are also laid out for one- to
five-person families.
Seymour said the money families
save by living in these livable commu-
nities allows them the flexibility to save
for other important items or put money
back into the economy.
"Most of the residents would be pay-
ing about $500-$600 more per month,
about $6,000 more per year for a mar-
ket-rate apartment," he said. "If they
were in affordable housing, they would
save $6,000 per year, so then they could
pay off debt, buy a car, save for college,
go out to dinner more often. In other
words, that money is being put directly
back into the community instead of
going toward a market-rate landlord."
LEARN HOW
TRANSIT AND
HOUSING
IMPACT OUR
WORKFORCE
T H E U LT I M AT E
S H O U L D B E A N
TO R E M E M B E R .
M E E T ING R E T R E AT
E X P E R I E N C E
EDGE POOL
•
OMNI LA COSTA RESORT & SPA
•
CARLSBAD, CALIFORNIA
Raise the bar for your next meeting at Omni La Costa Resort & Spa, offering two championship golf courses, world-class
amenities and a variety of dining experiences. Located in Carlsbad, our state-of-the-art indoor and outdoor spaces
invigorate the senses for a productive board meeting to a large retreat or an elegant corporate holiday party.
LC.
|
70.929.330
BOOK YOUR NEXT EVENT BY
APRIL 30 AND RECEIVE
DISCOUNTED ROOM RENTAL
COMPLIMENTARY WI-FI CONNECTION
BOOK YOUR 2016 HOLIDAY EVENT
BY APRIL 30 AND RECEIVE
COMPLIMENTARY GUESTROOM
2015 MENU PRICING
