San Diego County: Mission Cove receives more than $1.4 million in AHP funding to support affordable housing development

OCEANSIDE, Calif. – Mission Cove, a 100 percent affordable multi-generational apartment home community now under construction, was awarded more than $1.4 million in grants from the Federal Home Loan Bank’s Affordable Housing Program (AHP)

Mission Cove consists of 150 high-quality rental homes for low-income working families, seniors, veterans and special needs residents. The 14.5-acre project in Oceanside will include 288 affordable apartment homes and 10,500 square feet of commercial, business and professional office space.

“We appreciate the Federal Home Loan Bank’s support of this vital project, which addresses a critical need for attainable housing in Oceanside and San Diego County,” said Steve PonTell, President and Chief Executive Officer of National Community Renaissance (National CORE), master developer of the project.

Mission Cove was among 85 AHP awardees in 11 states and the District of Columbia. Combined, the $76 million that was awarded will create more than 6,300 units of affordable housing.

Among those was one other National CORE project, Oakcrest Heights in the City of Yorba Linda, which was awarded $530,000.

“Housing communities such as these are transforming lives by providing quality shelter and life-changing human services that promote upward mobility and financial independence,” said Ciriaco “Cid” Pinedo, President of the Hope through Housing Foundation, National CORE’s social services partner.

 

About National CORE

National Community Renaissance, based in Rancho Cucamonga, Calif., is one of the nation’s largest nonprofit developers of affordable housing. National CORE manages nearly 9,000 affordable, senior and market-rate units in California, Arkansas, Texas and Florida. Over the past two decades, its social services partner, Hope through Housing Foundation, has provided more than 2 million hours in supportive services to enhance quality of life, including preschool, after-school, senior wellness and upward mobility programs. For more information on both organizations, please visit www.nationalcore.org.

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