SAN DIEGO – A nonprofit housing provider, Community Solutions, is taking the almost unheard-of step of lowering rents in an East Village apartment building that it bought in November for $83.5 million.
Built in 2006, Market Street Village Apartments, 699 14th St., has 229 apartments, half of which are designated for veterans with housing vouchers and half for tenants with annual incomes of 80% or less of the Area Median Income (AMI).
Monthly rents will be reduced by 20% to 25%, according to Dave Foster, head of real estate at Community Solutions.
“The building will continue to be what it is today, a very vibrant, mixed-income community,” Foster said. “That’s part of the model here, to go in and purchase high quality buildings, buildings (with apartments) that have gotten out of reach for front-line workers and veterans.”
