Coverage
The city of San Diego has what many in commercial real estate lack - debt-free assets and the ability to leverage the equity out of those properties for new investments.
The San Diego Housing Commission is moving forward with the second phase of an innovative plan to use $102.6 million in loans based on the equity in city-owned housing units to acquire existing or build new apartments for low- and moderate-income renters. The agency hopes to take advantage of distress in the multifamily investment and development market to increase San Diego's inventory of affordable housing.