National CORE has been awarded a $2 million grant from California’s Regional Early Action Planning program, known as REAP 2.0, to fund Valley Creek Apartments, a forthcoming affordable housing community in Escondido.
The grant is part of a California Department of Housing and Community Development initiative to provide $540 million for affordable housing, transportation and support for Tribal entities and rural communities.
Valley Creek Apartments is one of 10 San Diego area affordable housing communities selected for the grants. Co-developed by National CORE and the San Diego Community Housing Corporation (SDCHC), it will provide 136 homes for individuals ages 55 or better.
The San Diego Association of Governments (SANDAG) was selected by the California Department of Housing and Community Development to distribute $14 million in REAP 2.0 funding, with assistance from the San Diego Foundation, to help bring 966 affordable housing units onto the market by June 2030.
“It is a major achievement for National CORE to be seen and trusted as one of San Diego’s premiere affordable housing developers,” said John Seymour, National CORE’s vice president of acquisitions and forward planning for San Diego. “This grant will go a long way in helping us combat the affordable housing crisis and in ensuring our seniors have homes where they can age with dignity.”
Valley Creek Apartments will serve seniors earning between 30% and 60% of San Diego’s area median income. Fourteen apartments will be set aside as Permanent Supportive Housing with comprehensive services provided by the Veterans Affairs Supportive Housing program for senior veterans who were homeless or were at risk of becoming homeless.
National CORE is committed to creating energy-efficient communities. Valley Creek Apartments are expected to qualify for LEED for Homes Gold Certification or better.
“California is facing an affordability crisis that touches every community across our state,” San Diego Foundation Chief Financial Officer Jim Howell said. “In San Diego, we’re seeing our teachers, nurses, firefighters and essential workers – the very people who ensure our neighborhoods remain safe and vibrant – face enormous challenges in finding affordable housing. The REAP 2.0 funding allows us to accelerate innovative housing solutions to address our region’s most pressing housing needs while advancing our climate commitments.”
The 2024 San Diego County Affordable Housing Needs Report showed that 81% of extremely low-income households in San Diego spend more than half their income on housing. Renters in San Diego County need to earn more than $47 per hour – nearly three times California’s minimum wage – to afford the average monthly asking rent of $2,479 per month.
“This partnership between SANDAG and San Diego Foundation will facilitate much-needed housing solutions across our region,” SANDAG Chair and Solana Beach Mayor Lesa Heebner said. “This funding, provided by the State of California, will give individuals and families more opportunities to find affordable places to live and build their futures, while helping meet regional and state housing goals.”
National CORE owns and operates 23 affordable housing communities in San Diego County. Valley Creek Apartments is expected to open in 2028.
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