What's Happening in Oceanside, CA…

Forty-five million dollars has been approved for the construction of an affordable housing development in Oceanside’s South El Camino Real.

The money to fund construction of the 111 rental apartments will be sourced primarily from tax-exempt state bonds. The bonds will be issued by the California Municipal Financing Authority with Oceanside assuming no financial obligation. The only requirement was for authorization by the Oceanside City Council, which was recently granted unanimously.

Earlier in the year, a $6 million construction loan was approved by City Council for Mirka Investments, the project’s developer. Most of that money was in-lieu of developer paid affordable housing fees with the remainder from state and federal grants awarded to Oceanside. Costs for the whole project are estimated to be $56 million.

Construction firms can turn to local Print shops for onsite signage.

The apartment complex is to be built north of SR 78 by a few blocks on South El Camino Real’s east side in proximity to a shopping center anchored by WinCo Foods and Target. Built for those households with low and extremely low incomes, the complex will be comprised of two- and three-bedroom apartments.

Oceanside’s Mayor Esther Sanchez indicated that she was impressed with the proposed design, saying she would like the developer to retain the landscaping and setbacks that appeared in the preliminary drawing. She also expressed a desire for easy access to be included to stores and restaurants in proximity to the complex.
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