SAN MARCOS — The San Marcos City Council has unanimously approved a $6 million loan for the Richmar Senior Village project, a proposed 52-unit affordable senior housing development that has been in the works for several years.
Richmar Senior Village will be located on a vacant site at the intersection of Firebird Lane and Richmar Avenue, across from Richmar Park. The project will be designated for adults 55 and over, making between 30% and 60% of the area median income, with eight units set aside for veterans.
At their Tuesday meeting, the council agreed to amend an existing development and loan agreement with developer National CORE, which proposed a much larger version of the project in 2015 called Richmar Station.
However, these plans became less feasible over the years, and National CORE began to pursue a more condensed 52-unit project in 2023. San Marcos previously granted National CORE a $4.2 million loan for the acquisition of the land and predevelopment costs. The city will forgive this loan in exchange for the return of land planned for the old project.
Mayor Rebecca Jones noted that this development has been in the works for around 17 years, with the city first beginning to acquire land for the project in 2008, and specifically highlighted the importance of the units set aside for veterans.
“We’ve talked about this ad nauseam for years, ‘is there anything we can do to bring some veterans units to the city,’ so I’m glad that we’re finally moving forward to that,” Jones said.
The $6 million loan and agreement with the city will be crucial to helping National CORE obtain other funding for the project, particularly in the form of low-income tax credits from the county. The organization applied but was unsuccessful in the most recent round of county funding, but will be applying again in the future.
“The city’s funding commitment will assist the developer in achieving additional funding sources and bringing the project to fruition,” said Housing and Neighborhood Services Director Sylvia Daniels.
The total costs of the development are around $32 million. Along with the city’s $6 million loan, National CORE receives $16 million in private sector funding and assurances of a mortgage of around $5.3 million, National CORE Vice President of Acquisitions John Seymour said.
“The private sector is coming to the table. It’s not just the city and the county funding this project. Your money will be leveraged to the greatest extent possible,” Seymour said.
If National CORE can obtain tax credits, they hope to receive final approvals for the project in 2025 and begin construction in late 2027. A waitlist will likely open a few months before construction is complete.
“I wont be surprised if there’s 1,500 people for 52 homes on the list,” Seymour said.
Councilmember Maria Nuñez emphasized the importance of reaching out to residents who may be interested in applying for units. She also lamented the need for affordable housing in the city, particularly for seniors.
“Some of them probably have a better chance of winning the lottery than getting one of these coveted homes,” Nuñez said.
The three-story building will feature 10 studios, 41 one-bedroom apartments and one three-bedroom apartment. Each apartment will include either a balcony or patio, and one will be a manager’s unit.
The building will also include a community room, lounge area, outside gathering areas, garden beds, a communal laundry room and an elevator.
National CORE is also partnering with the Hope Through Housing Foundation to provide support services for residents at Richmar.
Hope Through Housing Regional Director Stephanie De La Torre said they provide connections to medical and behavioral health care, access to food, and teach necessary life skills. The organization has also been implementing gardens that residents can work in, which is good for their mental and physical well-being.
“One thing here in San Marcos is we’re always getting questions about senior housing. So it’s great that this will be available to seniors in the San Marcos community,” De La Torre said.
National CORE has developed hundreds of affordable units in San Marcos, particularly in the Richmar neighborhood. Other projects include the ongoing Villa Serena development, Alora and Estrella, Westlake Village, and Paseo de Oro.
The city will lease the Richmar Senior Village project to National CORE for a 99-year period.
