$90 Million Smart Growth Fund

A new investment fund represents a private sector solution to address the affordable-housing crisis.

1 minute read

May 17, 2005, 9:00 AM PDT

For the first time, equity capital has been raised from institutional sources to increase the supply of housing affordable to middle-income households in San Diego and to develop much-needed neighborhood retail projects.

Phoenix Realty Group and the San Diego Capital Collaborative have secured initial capitalization of the $90-million San Diego Smart Growth Fund to provide market-rate housing for middle-income households and community revitalizing retail projects in urban neighborhoods across San Diego County:

"The investment pool will be used to leverage more than $500 million worth of housing and commercial development in the county. It is expected to generate enough money to build as many as 2,000 rental and for-sale homes within older, urban communities over the next five years."

Thanks to Francie Murphy

FULL STORY: Fund could boost local housing stock

Monday, May 16, 2005 in The San Diego Union-Tribune

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