Up to $14 million in revenue bonds approved for Alturas Road apartments

The San Diego County Board of Supervisors provided the county's approval for the California Municipal Finance Authority to issue up to $14,000,000 of revenue bonds to Community HousingWorks (CHW) for the acquisition and rehabilitation of the 101-unit Pine View Apartments complex in the 1100 block of Alturas Road.

The supervisors' 5-0 vote Jan. 26 fulfills the legal requirement to issue the bonds, but does not place any financial liability on the county.

"Affordable housing is hard to find in San Diego County, and I'm glad that the California Municipal Finance Authority bond proceeds will be spent in Fallbrook," said Supervisor Bill Horn. "Pine View Apartments will continue to provide housing for families and beds for disabled homeless veterans for another 55 years because of these bonds."

The California Municipal Finance Authority exists to support economic development, job creation, and social programs throughout the state of California. Its financial activities include tax-exempt loans and leases for qualified projects in the state.

Eligible non-profit projects include affordable multi-family and senior housing, manufacturing facilities and equipment, education, health care, and cultural facilities, and solid waste, water, and wastewater treatment facilities. Approval of the local government is necessary for the California Municipal Finance Authority to issue tax-exempt financing, although the borrower rather than the county will be responsible for all payments and other costs.

Community HousingWorks develops and operates affordable rental apartments throughout San Diego County. CHW currently operates 25 complexes with more than 1,300 rental units or cooperative apartments and has approximately 300 apartments in progress.

CHW has committed to providing affordable housing at Pine View Apartments for a 55-year period, and 11 beds of supportive housing will be offered to disabled homeless veterans through the McKinney-Vento Supportive Housing Program.

Editor's note: Community HousingWorks (CHW) is a California non-profit organization that has been building and owning affordable apartments for nearly 30 years. It currently serves over 7,000 individuals annually.