The Cuatro complex in City Heights sets aside apartments for very low income residents and is set to open next year
Construction started Wednesday on one of San Diego's most expensive subsidized housing developments in its history. The $98 million Cuatro development in City Heights, taking up four buildings, will have rent-restricted units for extremely low-income residents earning 30 percent to 60 percent of area median income. That is about $28,950 to $57,900 a year for an individual. Construction cost comes out to around $846,975 per unit, higher than most recent luxury market-rate apartments.
He said the strings attached to funding — such as only paying higher prevailing wage for construction workers — for affordable housing can greatly increase the final price. 'With all the strings attached to funding for affordable housing, it increases the cost probably by 40 percent,' he said. 'A cost per unit of nearly $900,000 per unit is equivalent to a high-rise tower that is 20 stories built with concrete and steel.
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