LISC San Diego, the Local Initiatives Support Corp., a nonprofit that uses government and philanthropic resources to help revitalize communities, provided a $2.25 million loan to the City Heights Community Development Corp. to purchase a 20-unit apartment building in the neighborhood.
The loan will be used to rehabilitate the building at 4348 53rd St. near Mid-City and lock in lower rents, LISC said.
The long-term redevelopment plan for the property includes a rent reduction to bring all the units’ rents to a level affordable by residents earning 60 percent or less of the area’s median income. CHCDC plans to keep the rents in place for at least 40 years. CHCDC also plans to make a variety of improvements in the building including renovating kitchens and bathrooms.
LISC said providing financing for low-income real estate projects is one of its core activities. Since 1991 it has advanced financing for some 6,000 affordable homes and apartments in San Diego, LISC said.