In a significant step to combat the affordable housing crisis and the corresponding increase in homelessness in San Diego, the city opened The Helm, a 77-unit affordable housing development located in the Cortez Hill neighborhood on August 18, 2023. As mentioned by ABC 10 News, the project was brought to life via collaboration with the San Diego Housing Commission (SDHC), developer Affirmed Housing, and several other financing partners.
Constructed on a former parking lot, The Helm boasts 77 studios that will remain affordable for 55 years, and one manager's unit. The housing development aims to offer accessible accommodations for individuals and families with low income in the high-cost rental housing market in San Diego, according to a report by SDHC.
During the grand opening, San Diego Mayor Todd Gloria addressed the housing crisis, stating, "This is helping to address what I believe is the biggest challenge in our city and in our region. It's a crisis of a lack of affordable housing and it's corresponding impacts on homelessness."
Of the 77 units, 32 are set aside for San Diegans with extremely low income, up to 30% of the Area Median Income (AMI), with an annual income ceiling of $28,950 for a one-person household. As reported by SDHCI, the organization has awarded 32 federal rental housing vouchers to assist with rent for those residents with extremely low income. These vouchers are tied to the specific units, ensuring that when one resident moves on, the voucher remains with the property to help another income-eligible household.
The Helm also features four units for residents with incomes up to 60% of the AMI ($57,900 for a one-person household) and 41 units affordable for individuals with incomes up to 80% of the AMI ($77,200 per year for a one-person household).
Funding for the project included a loan of around $4.2 million from the SDHC, comprised of funds administrated from the City of San Diego's Affordable Housing Fund. The Helm received additional financial support through partnerships with the California Housing Finance Agency, US Bank, the California Community Reinvestment Corporation, and 4% low-income housing tax credits administered by California State Treasurer Fiona Ma's office.
The housing complex stands near downtown San Diego within walking distance of trolley and bus stops, crafting a transit-oriented living environment. In addition to its proximity to transit services, residents have access to various on-site amenities, including a multipurpose room, a lounge, a clubhouse, a courtyard, bicycle storage, and a common-area laundry room. As noted by SDHCI, on-site services for residents comprise adult educational classes, health and wellness programs, and skill-building courses.
With the opening of The Helm, San Diego takes a notable stride towards addressing the affordable housing crisis, hoping to make a positive impact on the city's ever-increasing homelessness rates. The project serves as an example of successful collaboration between the city, SDHC, and various financing partners, showcasing how such developments can benefit the community.
