SAN DIEGO--(BUSINESS WIRE)--May. 21, 2013--
Bank is providing more than $23 million in Low-Income Housing Tax
Credit equity to help Chelsea
Investment Corporation (Chelsea) develop Fairbanks Commons
Apartments at the intersection of Camino San Bernardo and Nighthawk Lane
in the Del
Sur master-planned community of San Diego’s Black Mountain Ranch
Fairbanks Commons, the third phase of four inclusionary housing projects
to be built in Del Sur, is located across the street from three-year-old
Del Norte High School and less than a mile from Del Sur Elementary
School. The 165-unit complex is currently under construction and will be
completed by early 2014.
Fairbanks Commons will consist of 13 buildings around a central common
courtyard and a swimming pool. Its mix of one-, two- and three-bedroom
units will be available to families earning 50 percent to 60 percent of
area median income. Other features include an after-school program for
children, adult English-second-language classes, a playground, laundry
facilities and computer center.
“We’re proud to partner with Chelsea to bring this project to San
Diego,” said Steve Stuckey, San Diego market president for U.S. Bank.
“Given its proximity to state-of-the-art schools and placement in a
growing neighborhood, Fairbanks Commons will be an attractive,
convenient housing option for qualifying San Diego families.”
U.S. Bank made its commitment through its tax credit investment
Bancorp Community Development Corporation, which has a longstanding
relationship with Chelsea and its affiliates.
Fairbanks Commons marks the eighteenth community development project
that U.S. Bank and Chelsea have partnered to develop and finance in the
last 10 years. The other developments, all located in California,
include affordable housing complexes and economic expansions projects.
Last year, U.S. Bank and Chelsea officials celebrated the grand opening
of the Park Terramar Apartments and the reopening of the historic
Lafayette Hotel in San Diego, as well as the development of the Mercado
del Barrio, a new retail center built on land that had remained vacant
since the early 1970s in Barrio Logan.
The second phase of development in Del Sur, Fairbanks Ridge Apartments,
was completed in 2007 with permanent and construction financing from
U.S. Bank and was named inclusionary housing project of the year by the San
Diego Housing Federation.
“Fairbanks Ridge and Fairbanks Commons are addressing the affordable
housing needs of Del Sur and fostering a more mixed-income community,”
said Jim Schmid, founder and chief executive officer of Chelsea. “We’re
grateful for the community’s support of our vision to broaden economic
integration and for U.S. Bank’s assistance in making the projects
About Chelsea Investment Corporation
Corporation is a real estate company focused on the financing and
development of affordable housing. The company provides financial
engineering, development, asset management and property management
services, as well as legal and non-profit experience to its development
and investment partners and clients. Considered experts in the
affordable housing sector, it has a strong and experienced team of
professionals who can identify and implement timely and cost effective
solutions to the many challenges of this market niche. The company takes
special pride in its ability to structure plans of financing that result
in the development of attractive affordable housing communities
consistent with each client’s objectives.
About U.S. Bancorp Community Development Corporation
more than $10.9 billion in assets as of March 31, 2013, U.S. Bancorp
Community Development Corporation (USBCDC), a subsidiary of U.S. Bank,
provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax
credit programs. USBCDC's commitments provide capital investment to
areas that need it the most and have contributed to the creation of new
jobs, the rehabilitation of historic buildings, the construction of
needed affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
U.S. Bank has 78 offices and more than
900 employees in San Diego County. U.S. Bancorp (NYSE: USB), with $355
billion in assets as of March 31, 2013, is the parent company of U.S.
Bank, the 5th largest commercial bank in the United States. Celebrating
its 150th anniversary this year, the company operates 3,080 banking
offices in 25 states and 5,056 ATMs. The bank provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
Source: U.S. Bank
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org