SAN DIEGO – The Middlemarch Fund has received commitments from multiple community leaders that will help create new rental housing homes across San Diego County. The Jewish Community Foundation of San Diego has committed $610,000, Civic Communities has committed $500,000, and Alliance HealthCare Foundation has committed up to $1,000,000 for the creation of middle-income housing. The developments that receive Middlemarch Funds will set aside units for individuals and families that earn between 80% – 120% of the Area Median Income, which equates to approximately $73,000 to $128,000 in annual income. Currently, approximately one million San Diegans are classified as middle income.
These commitments will go toward Middlemarch Fund III, projects that are expected to break ground in early 2023. There are over 17 future multifamily development opportunities in the pipeline for 2023 with a potential for over 500-800 middle-income residential rental units. The Middlemarch Fund exists to promote social equity, urban infill, improved health, mixed-income balanced housing and communities near transit and work hubs.
“By engaging the private sector, specifically social impact investors, philanthropists, and employers, we can invest their equity into real estate developments at a below market, yet acceptable return on their investment,” said Deborah Ruane of Middlemarch. “Without the Middlemarch investment, which requires the developers to place an income and rent restriction on selected rental units for 30 years, these apartments would soon be out of reach for San Diego’s workforce.”
Middlemarch Fund I and II were utilized in the construction of two apartment complexes-Secoya on Fifth in Bankers Hill and 4233 Kansas in North Park. Secoya on Fifth completed construction in April 2022 and 4233 Kansas is expected to begin leasing in Q4 2023. Notable investments in these projects came from the Tom and Karen Mulvaney Trust and Andy Ballester (co-founder of GoFundMe.com and founder of The Human Fund), each committing $400,000.
“By engaging the private sector, specifically social impact investors, philanthropists, and employers, we can invest their equity into real estate developments at a below market, yet acceptable return on their investment,”.
“Without the Middlemarch investment, which requires the developers to place an income and rent restriction on selected rental units for 30 years, these apartments would soon be out of reach for San Diego’s workforce.”
Contact: Debbie Ruane
Phone: 619-992-8844
Email: Debbie@middlemarchfund.com
Middlemarch Fund I and II were utilized in the construction of two apartment complexes-Secoya on Fifth in Bankers Hill and 4233 Kansas in North Park. Secoya on Fifth completed construction in April 2022 and 4233 Kansas is expected to begin leasing in Q4 2023. Notable investments in these projects came from the Tom and Karen Mulvaney Trust and Andy Ballester (co-founder of GoFundMe.com and founder of The Human Fund), each committing $400,000.