Schmale 16th Street Elevation | Courtesy Chelsea Investment Corp. and Serving Seniors

Chelsea JV Breaks Ground on $22M Affordable Seniors Project

Carrie Rossenfeld Residential & Mixed Use

Chelsea Investment Corp. and Serving Seniors have begun construction on the Schmale Family Senior Residence, a 62-unit affordable apartment complex for low-income seniors at 430 16th Street in Ramona, California. The $21.9 million project is scheduled to open in spring 2019.

The 50,886-square foot, two-story building comprises 50 one-bedroom apartments of 560 square feet and 12 two-bedroom units of 790 square feet. An on-site manager will occupy a two-bedroom apartment.
Individual units include central heating and air, window and floor coverings, patio or balcony, and appliances. Resident amenities include a 2,500-square-foot community room, computer room, picnic and barbecue area, and laundry room.

Located near transit, shopping and services, Schmale Family Senior Residence will provide comprehensive support services for its residents, aged 55 and over. This is the first new affordable housing for low-income seniors to be built in Ramona, an unincorporated community in the foothills of the Laguna Mountains in San Diego’s East County.

“Serving Seniors first partnered with Chelsea Investment Corp. in 1999 and have since developed over 500 senior housing units together,” says Paul Downey, president and CEO of Serving Seniors. “Our organization thrives on its alliances with others. In this case, a generous gift from long-time Serving Seniors supporters Marge and Neal Schmale will help provide a safety net of support services for our future residents.”

Apartments at the property are restricted to seniors earning between 30 percent and 50 percent of the area median income. Qualified residents will pay 30 percent of their income to live there, with Federal Section 8 housing vouchers available to cover the remainder of the rents. For a one-bedroom apartment, rents are anticipated to range from $476 to $818 per month; a two-bedroom unit will rent for $569 to $978 per month.
The Schmale Family Senior Residence received financial support from the County of San Diego, which provided $1.84 million in federal HOME Investment Partnerships Program money and 61 Section 8 vouchers. Additional financing was provided in part by a construction loan from Wells Fargo, $9.7 million in Low Income Housing Tax Credit (LIHTC) equity from Wells Fargo, a permanent mortgage from CalHFA, and an Affordable Housing Program (AFP) grant from the Federal Home Loan Bank, San Francisco.

During the recent groundbreaking ceremony, San Diego County Supervisor Dianne Jacob said, “The senior population in San Diego County is growing faster than the rest of our age groups, which creates many challenges. This project is going to be an awesome improvement, not just providing affordable housing for the seniors but it’s a great addition to this community.”

Project architect is Hedenkamp Architecture + Planning, with Emmerson Construction serving as general contractor. Approximately six months prior to the completion of the project, prospective residents will be able to register their interest at https://www.aptsinsocal.com.