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Non-profit developer secures funding for four affordable housing projects

Valencia Pointe Apartments
Posted at 5:40 PM, Mar 11, 2022
and last updated 2022-03-11 20:40:37-05

SAN DIEGO (KGTV)- — MAAC, a non-profit developer, has announced it secured funding for three new affordable housing projects, along with one currently under construction.

The first to be done, called Valencia Pointe, is scheduled to open in July in the Alta Vista neighborhood. It includes 102 affordable apartments. Future residents, who make between 40-70% of the area's median income (roughly $60,000 for a family of four), will contribute 30% of their income in rent. In addition to housing, MAAC provides additional services, with the goal of helping residents work their way up the economic ladder.

“We are true believers that what we do with housing has to be more than housing," MAAC President and CEO Arnulfo Manriquez told ABC 10News.

Valencia Pointe is slated to open in July. MAAC is currently forming an interest list, with a formal application process to begin in the next few months. The other complexes are expected to break ground this summer in San Ysidro, National City, and Southeast San Diego.

Manriquez says these kinds of projects are getting more support from the state and local governments. “In the overall industry of affordable housing, it is getting a little easier. The city of San Diego and the state of California is making it easier to get approvals so that the project an affordable project can move faster.”