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Affordable housing project opens in San Diego

Posted by The Aramco Group on Sun, Jun 11, 2017 @ 14:06 PM

After years of anticipation amid a housing scarcity that has shaken the San Diego housing market, a new affordable housing project held its grand opening last week. Referred to as Atmosphere, the $79.3 million project boats 205 apartments covering 12 stories and 218,000 square feet.

Rents range from $525 to $1,250 a month for qualifying families earning between $17,000 to $48,000 per year. Units include up to three bedrooms and some come fully furnished.

Developed by the nonprofit Wakeland Housing & Development Corporation, the project is aimed at giving San Diegans who are priced out of both the housing and rental markets an affordable housing option. The organization has dozens of other projects in development, including more in San Diego.

"Atmosphere is an outstanding example of the type of partnership development that is needed to address San Diego's shortage of affordable housing for low-income families and homeless San Diegans," said Housing Commission Chairman Frank Urtasun.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.125 percent.

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