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Public Housing a Trendy Deal in San Diego

Select San Diegans will receive federal government housing subsidies along with 42-inch HDTVs, cable, Internet and on-site services upon taking up residence at the newly constructed $50 million dollar Alpha Square low-income housing project in the city’s trendy East Village neighborhood.

Rents are being reported as low as $350 for Alpha thanks in part to housing vouchers from the federal government. Neighbors of the new facility squeeze out rent in the realm of $1,800 for a studio in the area where the new Alpha Square apartments are being built.

At 13th and Market, a complex within a block of Alpha, a studio apartment starts at $1,860 as listed on Apartmentguide.com. Nearby Form 15 rents a studio from $1,610.

Inc. 500’s Chelsea Investment Corp. was given the opportunity to build the multi-million dollar project. 10 News reports, “Developer Chelsea Investments got subsidies via tax credits and funds from public agencies to build the complex debt free.” That is, debt free to the developer. The day the project broke ground in May 2014, the San Diego Housing Commission announced that financing included $6.2 million in state administered multifamily housing revenue bonds.

The 10 News report details that those slated for future residency at Alpha are currently occupying downtown hotel rooms. Hotel Metro, which according to SDHC is currently home to many of Alpha’s potential residents, will be demolished upon the facility’s completion.

Facilities will include 5,400 square feet of retail space at street level, 10,600 square feet of indoor and outdoor common space, and 32 underground parking spaces. According to SDHC, “Proposed tenant rents range from $423 to $706 monthly depending on income and which tax credit applies to the unit.”

Despite the May 2014 estimate, 10 News reported that one of the first residents slated for Alpha, Pat Brady, will pay a mere $350 per month for his unit.

Follow Michelle Moons on Twitter @MichelleDiana

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