Financing Affordable Housing for Veterans
November 08, 2016
In continuing Calvert Foundation’s mission of enabling people to invest for social good, we are excited to announce the disbursement of a $1.86 million loan to Grantville Veteran Housing LP, an 85 unit affordable housing development that will provide supportive housing for formerly homeless veterans in San Diego. Grantville Veteran Housing LP is being developed by Affirmed Housing Group, a leading affordable housing developer based in San Diego, CA. Low Income Investment Fund (LIIF), the lead lender in the transaction, and Calvert Foundation will provide acquisition financing for the development.
Affirmed Housing Group is acquiring an existing 102-room motel to be converted into an 85-unit supportive housing complex for formerly homeless veterans. The adaptive reuse project will be also financed with Low Income Housing Tax Credits, San Diego Housing Commission capital funding and Veterans Housing and the Veterans Housing Homeless Prevention Program.
These units will be converted from the rooms of the motel that presently occupies the site, and will be reserved for individuals earning 65 percent of the county’s average income. A single veteran earning less than $39,000 would fit the eligibility criteria. This project will include energy efficiency upgrades, new bathrooms and kitchens in the units, and structural improvements to the existing development.
California has the largest population of veterans in the nation, with over 1.8 million veterans calling the Golden State home. San Diego County has the third-highest number of veterans of any county in the country at 236,000 – approximately 2,000 of which are homeless. The transition to civilian life is often emotionally and financially difficult, and support is crucial. The Calvert Foundation is pleased to continue their commitment to financing affordable housing across the country, particularly for this vulnerable population, through this loan.