ESCONDIDO — The City Council approved a financing plan for a senior housing apartment complex on Quince Street across from the Escondido Transit Center.
The Quince Street Senior Apartments, first approved in 2019, will feature 145 units for 55 and older residents at 220 N. Quince Street. Three of the units will be reserved for property management.
San Diego Interfaith Housing Foundation, the developer, can only receive tax-exempt bond financing for the project if the city first holds a public hearing and allows the California Municipal Finance Authority to issue the bonds.
The San Diego Interfaith Housing Foundation is not related to the local Interfaith Community Services organization.
On Oct. 23, the council unanimously approved the financing plan, which will pay up to $55 million for the project. Only the developer, not the city or CMFA, will be responsible for repaying the funds.
According to city staff, the project is expected to help a “critical need” for affordable senior housing in Escondido, which has a steadily growing senior population.
The project also supports the city’s commitment to affordable housing and urban development, and its proximity to public transit and other amenities will help promote accessibility for seniors.
“Great work on this,” said Deputy Mayor Christian Garcia. “This is something we’re trying to address, so thank you for all your work.”
