SoCal-based affordable housing developers Innovative Housing Opportunities (IHO) and C&C Development (C&C) have completed Pacific Wind, a new 89-unit affordable housing community that replaced 22 1950s era duplexes in the city of Carlsbad, California.
Pacific Wind features five two- and three-story garden-style walk-up buildings with two play areas for low-income working families and individuals who make between 30 to 80 percent of the average median income (AMI). Already fully leased, the community is now home to more than 300 residents.
Located close to an elementary school, park, and active community center, the property encompasses a clubhouse with leasing and resident services offices, a multi-purpose room with kitchen, and learning center.
True to IHO’s holistic focus on incorporating programs that equip residents for long-term success, Pacific Wind will provide adult education classes with a focus on financial empowerment as well as programs for children and teens. IHO is committed to assisting low-income working families in achieving economic mobility that will help them “Move in. Move Up. Move Ahead. Reach Back.”
Using housing funds from the City of Carlsbad, IHO and C&C acquired 23 duplexes on Harding Street to assemble a large contiguous parcel. The developers acquired another two duplexes and operated the existing 25 duplexes during the holding period. From the beginning, the team weathered CEQA challenges, COVID delays, and changes in housing policies, agency staff, and city council members. Labor and material costs, among other things, also continued to increase. By the time the project was back on track, 12 years had passed, and a portion of the units originally planned were cut to make the project pencil. Today the project encompasses 87 new units and two rehabbed duplex units.
A true advantage of the new community was that residents who needed to be displaced were offered priority on the new units with approximately 10 families choosing to move into the new housing.
With a budget of approximately $56 million, Pacific Wind was built with funding sources that included Bank of America, California Municipal Finance Authority, City of Carlsbad, and National Equity Fund, as well as federal tax credits.
The Pacific Wind team also included Bassenian Lagoni Architects, M Zaki Design, JAG Interiors, C&C Construction Services (general contractor), Candela Engineering (electrical), Gouvis Engineering Consulting Group (structural), SWS Engineering (civil), TAD Engineering (MEP), and VBK Consulting (project management).
