U.S. Bank Provides $23 Million in Financing for Next Phase of Affordable Housing in San Diego's Del Sur Community
SAN DIEGO--(BUSINESS WIRE)-- U.S. Bank is providing more than $23 million in Low-Income Housing Tax Credit equity to help Chelsea Investment Corporation (Chelsea) develop Fairbanks Commons Apartments at the intersection of Camino San Bernardo and Nighthawk Lane in the Del Sur master-planned community of San Diego's Black Mountain Ranch neighborhood.
Fairbanks Commons, the third phase of four inclusionary housing projects to be built in Del Sur, is located across the street from three-year-old Del Norte High School and less than a mile from Del Sur Elementary School. The 165-unit complex is currently under construction and will be completed by early 2014.
Fairbanks Commons will consist of 13 buildings around a central common courtyard and a swimming pool. Its mix of one-, two- and three-bedroom units will be available to families earning 50 percent to 60 percent of area median income. Other features include an after-school program for children, adult English-second-language classes, a playground, laundry facilities and computer center.
"We're proud to partner with Chelsea to bring this project to San Diego," said Steve Stuckey, San Diego market president for U.S. Bank. "Given its proximity to state-of-the-art schools and placement in a growing neighborhood, Fairbanks Commons will be an attractive, convenient housing option for qualifying San Diego families."
U.S. Bank made its commitment through its tax credit investment subsidiary, U.S. Bancorp Community Development Corporation, which has a longstanding relationship with Chelsea and its affiliates.
Fairbanks Commons marks the eighteenth community development project that U.S. Bank and Chelsea have partnered to develop and finance in the last 10 years. The other developments, all located in California, include affordable housing complexes and economic expansions projects. Last year, U.S. Bank and Chelsea officials celebrated the grand opening of the Park Terramar Apartments and the reopening of the historic Lafayette Hotel in San Diego, as well as the development of the Mercado del Barrio, a new retail center built on land that had remained vacant since the early 1970s in Barrio Logan.
The second phase of development in Del Sur, Fairbanks Ridge Apartments, was completed in 2007 with permanent and construction financing from U.S. Bank and was named inclusionary housing project of the year by the San Diego Housing Federation.
"Fairbanks Ridge and Fairbanks Commons are addressing the affordable housing needs of Del Sur and fostering a more mixed-income community," said Jim Schmid, founder and chief executive officer of Chelsea. "We're grateful for the community's support of our vision to broaden economic integration and for U.S. Bank's assistance in making the projects financially possible."
About Chelsea Investment Corporation
Chelsea Investment Corporation is a real estate company focused on the financing and development of affordable housing. The company provides financial engineering, development, asset management and property management services, as well as legal and non-profit experience to its development and investment partners and clients. Considered experts in the affordable housing sector, it has a strong and experienced team of professionals who can identify and implement timely and cost effective solutions to the many challenges of this market niche. The company takes special pride in its ability to structure plans of financing that result in the development of attractive affordable housing communities consistent with each client's objectives.
About U.S. Bancorp Community Development Corporation
With more than $10.9 billion in assets as of March 31, 2013, U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
U.S. Bank has 78 offices and more than 900 employees in San Diego County. U.S. Bancorp (NYS: USB) , with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,080 banking offices in 25 states and 5,056 ATMs. The bank provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org
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