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$90 Million Smart Growth Fund

Posted by: Chris Steins
Thanks to: Francie Murphy
17 May 2005 - 9:00am

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

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."

Full Story: Fund could boost local housing stock
Source: The San Diego Union-Tribune, May 16, 2005
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The impact of community design and amenities on community engagement is substantial. Respondents with a lower overall grade for their communities were also found to be less engaged in their communities, as measured by participation in social activities, relationships with neighbors, volunteer work, and civic participation such as voting.
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