San Diego: Industry Seeks Middle-Income Homes
Information for Buyers

(April 20, 2006) --   San Diego developers and financiers have developed a plan to encourage investment in housing affordable to middle-income workers.

A coalition of builders has established a $90 million San Diego Smart Growth Fund to invest in middle-income housing. One of the initial projects is a 75-unit condominium near San Diego State University, where units will sell for an average price of $400,000.

The developer AMCAL Diversified Corp. will receive an equity investment of $4.5 million for its $24 million project in exchange for a commitment to market units during the first 90 days of sales to households earning between $55,200 and $120,800 for a family of four.

“San Diego is going down a path where we're creating two classes -- high-wage jobs driven by the universities and low-wage service sector jobs -- and our middle is being ignored," says Anthony Pauker, whose company is developing townhomes to be sold to hospital employees. "We have to address our middle so we don't lose our edge."

Source: The San Diego Union-Tribune, Lori Weisberg (04/16/2006)