San Diego affordable housing development

[Nathan Vaughan]

Hey ya'll!

So I was in a meeting today with an architect talking about my current project.

I showed him a property that's zone rm-2-5 with a 40' height allowance. It's basically a teardown on a 7500 sqft lot. Right now listed at $560k... A little steep, but maybe they would come down. I haven't run any numbers, but the architect said that if it was development as affordable housing, you can double the number of units as long as over 5 units are allowed.

I'm not really sure where to start on looking in to this. It would probably be a conversation with the architect to find out more about the building requirements. I also have no clue on how the rent system works for section in terms of how you collect rent when its subsided.

It's really intriguing and I'm gonna look into it more! There's potentially to create some really interesting architecture, provide affordable housing, and create a great cash flow asset.

Does anyone have any experience with this kind of development? Does it work?

I started by sending an email to the real estate agent just to get a read on where the seller is at. It's been on the market for 90 days. So maybe they'd be open to negotation...

If we ran the numbers and the construction/time cost maybe it would be worth it and could be our next project!

- Nate