City & Business Leaders Open Doors to Newest Affordable Housing Community in East Village

SAN DIEGO, CA--(Marketwire - June 4, 2009) - Today, San Diego City Council President Pro Tem Kevin Faulconer joined Affirmed Housing Group (Affirmed), Centre City Development Corporation (CCDC), the San Diego Housing Commission and community representatives in a grand opening ceremony to officially open the doors to Studio 15, the newest affordable housing community in the East Village. The $44 million redevelopment project will provide critically needed affordable housing for individuals earning between 40 to 60 percent of the average median income in San Diego County. Rents range from $505 to $758.

"During these tough economic times, Studio 15 will provide a timely boost to San Diego's stock of affordable housing," said Kevin Faulconer, Council President Pro Tem. "It offers high-quality apartment homes with the latest technologies right where we need it most -- near jobs, transportation and all the amenities available downtown. I'm also pleased to see private sector businesses, such as Affirmed Housing Group, continue to invest in District 2 and work collaboratively with government to deliver solutions to the housing crisis."

Affirmed was recently awarded a prestigious Multi-Housing News (MHN) "Design Excellence Award" in the Affordable Housing category for Studio 15. The five-story building features 275 energy-efficient studio apartment homes, the latest high-tech and eco-friendly amenities and private, underground parking. It is located at 1475 Imperial Avenue, on the corner of Imperial Avenue and 15th Street near Petco Park.

Common area amenities include a Wi-Fi equipped café, lounge and commercial kitchen for large gatherings and a laundry room equipped with a state-of-the-art laundry alert system. A roof-mounted photovoltaic array further saves energy by providing solar energy to the project. Each studio will also include a complete efficiency kitchen, twin bed, dresser and desk.

"We've experienced unprecedented demand for Studio 15," said James Silverwood, president of Affirmed Housing Group, which has also developed affordable San Diego communities such as the award-winning Auburn Park, Creekside Trails, Tesoro Grove and Ten Fifty B, scheduled to open in the spring of 2010. "There are so many people in our community that face daily financial hardships. Tough economic times or not, affordable housing is still in short supply in San Diego."

Continued Silverwood, "Fortunately, we have leaders in San Diego that share our vision. The City of San Diego Redevelopment Agency, CCDC and the San Diego Housing Commission have once again been forward-thinking partners in this development. We are honored to stand with them to open the doors to Studio Fifteen."

Funding sources for Studio 15 include Citibank, Boston Capital and support from City of San Diego Redevelopment Agency, CCDC, the San Diego Housing Commission and Housing Development Partners of San Diego. Carrier Johnson Architects designed the community and Allgire General Contractors was the general contractor.

Affirmed Housing Group

Through collaboration with civic leaders and private-sector financial partners, Affirmed Housing Group is dedicated to improving and sustaining the viability of California communities through the development of well designed and professionally managed, high quality housing for California's workforce. For more information on Affirmed Housing Group's developments, please visit www.affirmedhousing.com. To place a name on the interest list for Affirmed Housing Group's projects under construction, please contact Yvonne DeCarlo at yvonne@affirmedhousing.com.

Centre City Development Corporation (CCDC)

CCDC is the public, nonprofit corporation created by the City of San Diego in 1975 to staff, plan and implement downtown's redevelopment on behalf of the City's Redevelopment Agency. CCDC offices are located at Wells Fargo Plaza, 401 B Street, Suite 400, in downtown San Diego.

San Diego Housing Commission

The San Diego Housing Commission is a public agency working to expand affordable housing opportunities in the City of San Diego. Each year, the agency helps 80,000 low-income individuals with affordable housing through award-winning programs that benefit the city's economy and revitalize neighborhoods. The Housing Commission also finances affordable housing development and advises the San Diego City Council on housing policy matters.

Contact Information: CONTACT: Audrey Doherty/Jordan Cole Office: 619-236-8397 Cell: 619-977-7960