Community Development Block Grant
Chula Vista, CA - Mayor Shirley Horton
Cordova Village Project
Chula Vista's strategy for fulfilling the State's mandate that affordable housing be distributed throughout the City is its Affordable Housing Program. In addition to requiring the City-wide distribution of housing, the Program requires that 10 percent of any new subdivision in excess of 50 units be affordable by low- and moderate-income families.
South Bay Community Services contacted the City with a proposal to develop the Cordova Village Project on a 2.2 acre parcel owned by McMillin Companies. A unique deal was brokered: In exchange for McMillin Companies' donation of the parcel, the 40 affordable housing units would be credited to McMillin Companies - a credit which would help the Company meet its future affordable housing requirement. To secure the financing, South Bay Community Services successfully proposed to develop the Project using four percent tax credits in conjunction with tax exempt bonds from the California Housing Finance Agency.
The Cordova Village Project is comprised of 40 affordable family units. Rents on 32 units are affordable for families at or below 60 percent of the area median income; rents for the remaining units are affordable for families at or below 50 percent of the area median income. Affordability covenants are in place for a minimum of 55 years.
Until the Cordova Village Project was built, affordable rental units did not exist in Rancho del Rey, the area in which the Project is located. Cordova Village includes 16 two-bedroom units, 16 three-bedroom units and eight four-bedroom units. It is designed to blend in with the environment through the use of color and texture. It offers residents a fully-equipped tot lot, a large common area and beautiful vistas, and is walking distance to parks and local schools.
The Cordova Village Project was made possible by a partnership of public and private investors. The City of Chula Vista used CDBG funds for staff services and contributed $960,902 in HOME funds. The State provided $2,196,544 from the California Housing Finance Agency and $1,278,533 from the California Equity Fund. The Bank of America Community Development Bank provided $2.3 million in construction financing. The Local Initiative Support Corporation provided pre-development assistance.
Contact: Juan P. Arroyo, Housing Coordinator, (619) 585-5722
The United States Conference of Mayors
J. Thomas Cochran, Executive Director
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