Affordable housing development `The Helm' in Cortez Hill opens with 77 units

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Affordable housing development `The Helm' in Cortez Hill opens with 77 units
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San Diego Thursday opened The Helm, an affordable housing development with 77 units built in collaboration with the San Diego Housing Commission.

San Diego Housing Commission logo displayed on a wall inside the Commission's downtown headquarters, Nov. 3, 2017.

Developed by Affirmed Housing in collaboration with SDHC and additional partners, The Helm transformed a former parking lot in the Cortez Hill neighborhood into 77 studios that will remain affordable for 55 years and one manager's unit, a housing commission statement reads. A total of 32 units at The Helm are set aside for San Diegans with extremely low income, up to 30% of the Area Median Income, $28,950 a year for a one-person household.

SDHC also awarded a loan of around $4.2 million to develop The Helm. The loan consists of funds SDHC administers from the city of San Diego's Affordable Housing Fund.

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