USA Properties Fund has completed a 147-unit development that expands affordable housing opportunities in La Mesa, California.
Located just a few blocks from stores, City Hall, and a library, the transit-oriented community offers residents easy access to a trolley station and several bus stops.
“8181 Allison helps address numerous challenges for the community and saves low-income residents a significant amount of time and money,” said Geoff Brown, president of USA Properties Fund. “The apartment community provides cost-effective, quality housing in a neighborhood where many businesses and services are just a few blocks away.”
The $71.4 million development is possible thanks to a public-private partnership that includes the city of La Mesa, the California Housing Finance Agency (CalHFA), WNC, and KeyBank.
The property was approved for CalHFA’s Mixed-Income Program, making the development available to residents who earn a wider range of income levels, from early-in-their-career professionals such as teachers and tech-industry workers to retirees living on fixed incomes. Under the special financing program, 8181 Allison serves households earning 30% to 70% of the area median income for San Diego County, from $34,740 for one person to more than $125,000 for a five-person family.
“This development shows what can be accomplished when government partners like the state Treasurer’s Office, CalHFA, and the city of La Mesa unite under the common goal of providing affordable housing that is a true benefit to the entire community,” said CalHFA executive director Tony Sertich. “When government partners can collaborate like this, it makes it easier for our private partners to produce housing that can truly change the lives of tenants.”
The community features 103 one- and 44 two-bedroom apartments, with rents starting at $831 for a one-bedroom unit and $995 for a two-bedroom unit.
In addition to affordable rent, the five-story building features a long list of amenities, including a community room with a kitchen, a fitness center, a courtyard with barbecues, a rooftop deck, a hot tub, on-site laundry, and a dog-wash station. 8181 Allison includes a large solar-panel system that will provide power for the community and save residents money.
Residents will also have access to a range of social services for residents—from budget and financial planning to health-related talks—through longtime partner LifeSTEPS.
“8181 Allison is in a prime location right in the center of downtown La Mesa,” said Jessica Captanis, vice president of originations in the West for WNC, a low-income housing tax credit syndicator and investment firm. “WNC is thrilled to welcome the wonderful tenants who will call this place home as they benefit from proximity to amenities, services, schools, and the rest of the vibrant La Mesa community.”