A new $100 million financing partnership is backing four affordable-housing projects in San Diego’s North Park and Normal Heights, according to NBC 7. Construction has begun on its first project: 38 studios on Louisiana Street in North Park. The apartments are described as renting for about $2,100 a month to households earning up to 80% of area median income; first residents are projected for the end of 2027 if construction stays on schedule.
What the $100 million partnership is funding
NBC 7 reports that the City of San Diego, Naturally Affordable Housing, Bear Creek Asset Management and San Diego Foundation are working together on a four-project portfolio in North Park and Normal Heights. The projects are expected to add hundreds of affordable apartments, but the report does not specify an exact total or how the financing is divided among them. The $100 million figure describes the partnership; detailed financing terms are not stated.
The first project is under construction at Louisiana Street in North Park. It is planned as a 38-unit building. The report does not provide construction details such as the project’s full schedule, building specifications or final costs. NBC 7’s report attributes the current project details to the partners and city officials.
What residents can expect at the North Park project
Apartment size and rent
The Louisiana Street apartments are described as studios of about 375 square feet, with monthly rents around $2,100. These are reported estimates, not a final rent schedule. The report does not establish whether the stated rent includes utilities or other charges.
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Income qualification
The studios are described as intended for households earning up to 80% of area median income. That threshold is not enough by itself to determine an individual household’s eligibility: final leasing rules, income calculations, occupancy requirements and application details have not been reported. Prospective renters should wait for official leasing information before relying on the estimate.
Projected opening
The first residents are expected at the end of 2027 if the project remains on schedule. That is a projection, not a guaranteed move-in date; construction or leasing timelines can change.
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Why the city says it is pursuing the projects
Mayor Todd Gloria said the effort is intended to help workers—including nurses, teachers and first responders—live in the communities they serve. At the groundbreaking, he said, “Today is a message to say very clearly, we’re doing everything we can to make sure you can stay in the city that you love.” He also described the combination of a property owner willing to redevelop a site and private financing for construction as part of how the city can address its housing crisis. These remarks and project descriptions were reported by NBC 7.
Speed is also part of the city’s stated aim. Gloria said the projects are meant to set a trend for developments that can move through red tape faster. The available project reporting does not quantify permitting time saved or provide a comparison with other developments, so the claim is an objective rather than a measured result.
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Parking is a neighborhood concern
The projects have not drawn unanimous support. North Park resident John Bannister raised a concern about parking, asking, “120 units in one block with no parking? Where are they going to go?” NBC 7 reports that the mayor pointed to transit, bike lanes, angled parking and parking structures in response. The report does not state the parking provision for the Louisiana Street building, so those comments should not be read as confirmation that it has no parking or a specified number of spaces.
Is this the same as San Diego Foundation’s 2022 Housing Fund?
The connection is not established by the available announcements, so the current $100 million partnership should not be treated as the same pool of money as the Foundation’s earlier Housing Fund initiative.
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In March 2022, San Diego Foundation announced a $10 million seed commitment and a goal of raising $100 million for the San Diego Housing Fund. The announcement described an ambition to support 10,000 affordable homes for purchase across the region, using government land alongside philanthropic, state and national funding and partnerships with developers and homebuilders. Those were goals, not evidence that the homes were completed. The Foundation’s March 30, 2022 announcement explains that earlier initiative.
In June 2022, the Foundation and County described a Government Land Action Strategy to identify public parcels for 10,000 affordable homes over three to five years. The release said the Foundation had pledged $10 million and would seek another $90 million, and characterized the fund as permanent and revolving. That strategy involved government land; the current NBC 7 report identifies a separate set of partners and four projects, but does not explain whether or how the efforts relate. The historical announcement is available in the June 3, 2022 release.
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How the partnership fits the region’s housing need
The County of San Diego says the 2021–2029 Regional Housing Needs Allocation planning goal is 171,685 new homes, nearly 99,000 of them affordable for low- and middle-income families. Those are regional planning targets, not units promised by this four-project partnership. The County also describes separate efforts: more than $100 million invested in its Innovative Housing Trust Fund to help finance 3,000 affordable homes, and 11 County properties being converted to create 1,700 homes, including four completed developments for low-income seniors. These countywide figures should not be attributed to the Foundation partnership. See the County of San Diego Housing Hub.
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