The City Council will take ownership of the property in lieu of a loan repayment from the nonprofit homeless services provider.
The Carlsbad City Council on Tuesday unanimously approved the purchase of a 16-unit apartment complex from a nonprofit homeless services provider in exchange for loan forgiveness.In 2015, the city loaned homeless services provider Solutions for Change $3.1 million to purchase the property on Chestnut Avenue.
Solutions for Change planned to relocate the existing tenants and renovate the entire complex for affordable housing. However, the nonprofit could not find funding to complete the project because of state and federal housing-first policies requiring low barriers for housing programs."I was getting huge amounts of public money from the county and the state. We were winning with no problem," Solutions for Change CEO Chris Megison told the Council on Tuesday."And then it was denied.
The city will look for a developer to take over the site and build the 100 percent affordable housing project. The city hopes to approve a developer by September and transfer the property by December.As a North County multimedia producer, Alexander Nguyen creates content for all of KPBS' platforms, including the web and social media.The North County Focus newsletter is your bi-weekly guide to all the news coming from North County, plus a handpicked selection of events and trivia tidbits.
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