U.S. Bank is providing more than $48 million in financing to help BRIDGE Housing develop Celadon at 9th & Broadway Apartments in the East Village Quarter District of downtown San Diego. U.S. Bank made the announcement during a groundbreaking celebration Friday, Feb. 8 at the site of the new development – 929 9th Ave. at the southeast corner of 9th and Broadway.
“We’re proud to partner with BRIDGE to support Celadon at 9th & Broadway,” said Paul Shipstead, vice president of community lending at U.S. Bank. “BRIDGE is a nationally respected affordable housing developer. This project will serve a special needs income-qualified population in the East Village and provide service-enriched housing options.”
The 17-story building will feature a mix of 250 living units, studios and one-bedroom apartments available to individuals and small families earning 30 to 60 percent of area median income. Amenities include underground parking, community space, and an outdoor terrace with a green roof, among others. The project is under construction and will be completed by spring 2015.
U.S. Bank’s commitment includes permanent and construction debt and more than $37 million of Low-Income Housing Tax Credit equity through its tax credit investment subsidiary, U.S. Bancorp Community Development Corporation. BRIDGE Housing received approval and funding from the City of San Diego to utilize both 4 and 9 percent Low-Income Housing Tax Credits on the project in March 2012. At the time, the site was a surface parking lot.
“Celadon at 9th & Broadway will help fill the growing need for a range of affordable homes in California,” said Cynthia Parker, president and chief executive officer of BRIDGE Housing. “More than 40 percent of Californians are unable to afford a two-bedroom apartment at market rents. With many California counties ranking as the least affordable in the nation, working families are hard-pressed to find, let alone afford, quality housing in their communities. We’re pleased to bring this project to life with U.S. Bank’s support.”
Based in San Francisco, BRIDGE Housing has developed more than 110 affordable housing projects in its 30-year history. Notable projects in partnership with U.S. Bank include Ironhorse Apartments at Central Station, St. Joseph’s Senior Apartments and Terraza Palmera Family Apartments in Oakland.
U.S. Bank has been active in supporting affordable housing in southern California. In October 2012, U.S. Bank received the Financial Supporter of the Year award at the Southern California Association of NonProfit Housing (SCANPH) conference in Los Angeles, one of the largest affordable housing conferences in the country.
U.S. Bank was honored for its support of organizations that encourage the purchase, preservation, rehabilitation, and construction of affordable housing through direct lending, tax credit investments, partnership with investment lending programs, grants or volunteer support of affordable housing nonprofits in Southern California.
About BRIDGE Housing
BRIDGE Housing Corporation, a leading nonprofit developer of affordable housing, creates and manages a range of high-quality, affordable homes for working families and seniors. Since it was founded in 1983, BRIDGE has participated in the development of over 14,000 homes serving more than 37,000 people. For more information, visit www.bridgehousing.com.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for the development of affordable housing in communities all across the United States. U.S. Bank customers are both for-profit and non-profit developers who are bringing to life a full range of multi-family living for both individuals and families. Together with these partners, U.S. Bank is helping to address the shortage of affordable housing that exists in nearly every state where we do business.
About U.S. Bancorp Community Development Corporation
With more than $10.8 billion in assets, U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
U.S. Bank has 78 offices and 938 employees in San Diego County. U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The Company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.