Mission Cove apartment community receives $995,796 in Proposition 41 funding to serve veterans

Mission Cover Rendering

Oceanside, Calif. – National Community Renaissance has been awarded nearly $1 million in Proposition 41 funding to provide housing for low-income veterans at its Mission Cove apartment home community in Oceanside.

The grant, announced Tuesday, will be applied toward the first phase of the highly anticipated, mixed-use development. Of the initial 90 apartment homes, a minimum of 10 homes are being set aside for low-income veterans. Families, seniors and youth aging out of foster care will also have homes at Mission Cove.

The funding – $995,796 – was announced by the California Department of Housing and Community Development, the California Department of Veterans Affairs and the California Housing Finance Agency. It was made possible through Proposition 41, approved by voters in June 2014 to support low-income and homeless veterans, and the Veterans Housing and Homeless Prevention Program.

In all, 17 programs statewide were awarded funding, with a second round expected to be announced this fall.

“We couldn’t be more pleased to be part of this groundbreaking initiative to support those who have given so much to this country,” said John Seymour, Vice President of Acquisitions & Forward Planning for National CORE.

Steve PonTell, President and Chief Executive Officer for the Southern California-based nonprofit developer, said projects such as Mission Cove will give more veterans access to housing and supportive services.

“These kinds of funding opportunities are critical to serving those most in need, transforming lives and entire communities,” PonTell said.

State officials called the grant program a “bold step forward” in assisting homeless veterans.

“We are working to reduce veteran homelessness all over California,” said California Department of Housing and Community Development Acting Director Susan Riggs. “This funding focuses on the specific housing, financial challenges and other supportive services needed over the long term for low-income and homeless veterans.”
National CORE is the master developer of Mission Cove. Phase 2 will consist of 60 units. National CORE will also build 10,500 square feet of retail space.

The 14.5-acre community represents an overall investment of $92 million.

 

About National CORE
National Community Renaissance, based in Rancho Cucamonga, Calif., is one of the nation’s largest nonprofit developers of affordable housing. CORE manages nearly 9,000 affordable, senior and market-rate units in California, Arkansas, Texas and Florida. For more information on National CORE, please visit www.nationalcore.org.

Contact:
Steve Lambert, The 20/20 Network
(909) 841-7527 /

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