In all, the city is applying for $88.7 million in Project Homekey funds and would contribute $32.2 million for the purchases. The other two properties are a 107-unit Extended Stay America Hotel on Murphy Canyon Road for $40.7 million and a 140-unit Extended Stay America Hotel on Mission Valley Road for $52 million. Purchasing the building would cost $4.5 million, but rehabilitation expenses would increase the cost to $6.8 million, bringing the per-unit cost to $525,000. to purchase a vacant 13-unit apartment building in Ocean Beach. The city also is submitting a joint $4 million application with Wakeland Housing and Development Corp. The estimated purchase price would be $11.6 million, equating to about $182,000 a unit, but adding kitchenettes and other upgrades would increase the overall cost to $29.5 million, or $469,000 a unit. One of the hotels is a 62-unit Ramada Inn on Midway Drive, which the Housing Commission agreed to pursue at its May 12 meeting when it unanimously agreed to apply for $18 million in Project Homekey funding. The properties being considered include three hotels and one apartment building. “Spending over $153 million taxpayer dollars at $478,000 per unit is not the solution.” “Today’s legislation fails to address the root causes of homelessness and lacks the necessary accountability for taxpayer funds,” he said.
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