American developers Techo Funding and Impact Housing US have secured a loan of $57.2m to support the construction of a 324-unit multifamily residential project in San Diego, California, US.

Located at 6440 El Cajon Boulevard, the development is only a few miles from San Diego State University. It will offer new apartment units for households earning 60% to 120% of the area median income.

This project is said to help address San Diego’s currently inadequate supply of low- and moderate-income housing. 

Impact CEO and founder Drew Orenstein said: “With 6440 El Cajon, we now have three projects totalling 430 units under construction, and we are only just getting started.

“San Diego needs over 50,000 low and moderate-income housing units this decade and we intend to do our part to ensure teachers, nurses, military service members, hospitality workers, and thousands of other hard-working San Diegans have access to quality housing options they can afford.”

Impact planned, entitled, developed, and managed the project, and Techo will offer a loan to cover its development and stabilisation.

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Impact is finalising 34 monthly rented apartments at 3167 Market Street and is now building 72 units at 2911 Adams Street in North Park.

Techo CIO Paul Stockamore said: “The community will benefit from the addition of attainably priced housing supply within close proximity to the [state] university and major job centres. The Impact Housing team has cracked the code on lowering construction cost and passing through lower rents to residents.”