Financing clears way for construction of 111 apartments on South El Camino Real
An all-affordable housing development proposed for South El Camino Real in Oceanside has been approved for up to $45 million in construction money from tax-exempt state bonds.
Earlier this year, the City Council approved a construction loan of up to $6 million to the project’s developer, Mirka Investments. Most of the loan money is from in-lieu affordable housing fees paid by developers, and the rest is from state and federal grants the city has received. Mayor Esther Sanchez said she like the proposed design and encouraged the developer to keep the setbacks and landscaping shown in preliminary drawings and to include easy access to nearby stores and restaurants.
“We’ll do our best to address these issues,” Suarez said. “Our goal is to keep it close to our preliminary design.” San Diego County’s area median income for 2024 was $119,500. To qualify for low-income housing, a family of four would have to make less than 80% of the area median income, or less than $121,250. For extremely low income, the level is 30% or $45,450 for a family of four.
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