The CMFA Works with Chelsea Investment Corporation to Finance the Quarry Creek Apartments Affordable Housing Project with Tax-Exempt Financing

The $13,255,000 bond proceeds will be used to finance the Quarry Creek Apartments. Quarry Creek is the new construction of a 64-unit, large family affordable housing development consisting of five 2-story and three 3-story walkup buildings. The development will be made up of one-, two- and three-bedroom units. Units will be restricted to 50% and 60% AMI, with one market rate unit set aside as a manager’s unit. The project is also designed with an indoor community area, with community room, kitchen, computer room, leasing offices and outdoor patio area.

This is an inclusionary affordable housing project in the new Quarry Creek master planned community that is being developed by Cornerstone Communities within the City of Carlsbad, California. This financing will create 63 units of affordable housing for the City of Carlsbad for 55 years.

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