OCEANSIDE — A 100% affordable housing project planned for South El Camino Real is moving forward after the City Council approved the project’s financing.
The $56 million development will include 111 units, offering a mix of two- and three-bedroom apartments for households earning 30% to 80% of the area median income at 2136 South El Camino Real.
Thirty units will be reserved for residents with developmental disabilities.
In the summer, the council set aside $6 million and 50 project-based vouchers for the project, contingent on securing most of its funding through state tax credits and bonds.
Developer Mirka Investments has since secured up to $45 million, about 76% of the financing, through bonds and tax credits from the California Municipal Finance Authority.
The state requires a public hearing and City Council resolution to approve the funding. At the Oct. 23 hearing, the resolution passed 4-0, with Councilmember Eric Joyce absent.
The developer will be solely responsible for repaying the bond. Housing and Neighborhood Services Director Leilani Hines noted that less than the $6 million the city allocated may be needed.
Mayor Esther Sanchez supported the project’s financing and design but raised concerns about potential changes to setback distances. She cited Mirka’s South River Village project, currently under construction, as an example of inadequate setback from the road.
“I have an interest in ensuring that this is a walkable community,” Sanchez said, emphasizing the need for greater setbacks along the high-traffic El Camino Real. “When you’re walking right next to the street and there is no setback, it doesn’t feel safe.”
Jesus Suarez, Mirka Investments’ senior project manager for affordable housing, assured Sanchez that they were working with staff to follow city development standards.
“We’ll do our best to hear these comments and work with the city of Oceanside to address any issues,” Saurez said.
As a by-right project — one that strictly adheres to existing zoning and building codes — the development bypasses standard approval processes. Councilmember Peter Weiss also noted that since the project offers 100% affordable housing, state law allows concessions and waivers of certain development standards.
Sanchez expressed optimism about the project’s future, adding that she would be keeping an eye on the project moving forward.
“I am hoping that you guys pull off a really good project for us,” she told Mirka representatives.