Daily Business Report — January 5, 2010
Housing Commission to Expand Affordable Housing Supply
The San Diego Housing Commission has achieved a major milestone in its long-range plan to expand the city’s supply of affordable housing by securing approximately $37 million in financing. The Housing Commission, which plans to add more than 1,000 affordable rental units over the next three to five years, has closed on a series of loans from Greystone Servicing Corp. The 30-year mortgages are backed by the Federal National Mortgage Association, also known as Fannie Mae.
“With this funding, the Housing Commission moves a step closer to the first major expansion of agency-owned affordable housing units in more than a decade,” said Richard C. Gentry, the agency’s president and CEO. “We will be able to produce the first 350 units of the overall goal of 1,000.” The loans from Greystone are secured by equity from 566 multi-family units located at 34 properties owned by the housing agency. The Housing Commission’s annual debt service to repay the loans will be about $3 million. Fannie Mae is making the transaction possible by pre-approving its purchase of the mortgages, a service it provides as part of its community outreach to assist affordable housing projects nationwide.
Under a finance plan approved by the San Diego Housing Authority on Oct. 13, 2009, the Housing Commission intends to raise $100 million by leveraging the equity from about 1,200 agency-owned housing units. The Fannie Mae-backed mortgages represent the first phase of financing. The commission is planning a second round of borrowing in 2010 aimed at raising another $60 million in mortgages from the Federal Housing Administration (FHA).
Portions of the Fannie Mae funding and the future FHA financing will take advantage of the federal Build America Bonds program, which offers an annual 35 percent interest rate rebate for the full term of the loans. The overall finance plan has been developed with assistance of the San Diego office of NorthMarq Realthy Services Inc., an affiliate of national commercial mortgage banking firm NorthMarq Capital LLC.
The Housing Commission plans to acquire an array of properties, including existing apartments, partially finished multi-family developments or other real estate with funding needs. Converting these properties to affordable housing will be accomplished via renovations, or by forging partnerships with nonprofit and for-profit developers and the city of San Diego’s redevelopment agencies.
Rental units created under the financing plan will be made available to low-income and workforce families. These are individuals and families whose household incomes are no greater than 80 percent of the county’s Area Median Income (AMI), as set by the U.S. Department of Housing and Urban Development (HUD). A senior can qualify with an income up to $28,900 annually; a family of four may qualify if household earnings are less than $66,100 annually.
The Housing Commission’s plan to create new affordable housing is intended to fulfill the terms of a 2007 agreement with HUD. The pact granted the Commission sole control and ownership of its 1,371 public housing units as long as the equity from the properties would be used to create at least 350 additional affordable housing units. When the plan is completed, the number of affordable housing units owned by the Housing Commission will increase from 1,371 to 2,400, nearly triple what was promised to HUD.
Nominations Sought for Healthcare Hero Awards
The Grossmont Healthcare District is seeking nominations for its 2010 Healthcare Hero Awards, its annual awards program that honors East County residents whose volunteer efforts help advance the delivery of quality health care in the East County region. Nomination forms in both English and Spanish are available at grossmonthhealthcare.org. Deadline for submission of entries is 3 p.m. on Feb. 26 at the GHD offices, 9001 Wakarusa St., in La Mesa. Nominees for a 2010 Healthcare Hero Award can include front-line volunteer caregivers, including volunteers at community clinics, junior volunteers, auxiliary members, healthcare educators and pastoral care providers, as well as members of service clubs, community groups and advocacy or policy organizations. Nominees also can include first-responders and other employees of health care organizations who volunteer their time beyond their regular scope of job responsibilities, according to Gloria Chadwick, GHD 2010 board president. For more information about the 2010 Healthcare Hero Awards, phone the GHD offices at (619) 825-5050. GHD will present its fourth annual Healthcare Hero Awards at a luncheon to be held on May 6 at Sycuan Resort.
Business Datebook-January 2010
SEMINAR: National Association of Women Business Owners (NAWBO) San Diego, continue its monthly seminar series with a program presented by Marguerite Lorenz of Lorenz Fiduciary Services: “Estate Planning and Your Business.” Brandman University, 7460 Mission Valley Rd., noon to 1 p.m. Free for NAWBO members; $25 for others. Pre-registration required. For online registration and more information, visit nawbo-sd.org.
SEMINAR: Foothills Bar Association’s seventh annual “Hard to Get” MCLE Credits Seminar, 5 to 9 p.m., La Mesa Community Center, 4975 Memorial Drive, La Mesa. Speakers include Brian Forbes, Julie Greenberg, Mattheus Stephens, and M. David Meagher. 3.5 hours MCLE Credit. $50, FBA members, $65, nonmembers. Download registration form at : lawyersclubsandiego.com/associations/4937/files/FBA.MCLE.form.pdf.
BREAKFAST PANEL: The 2010 San Diego Retail Market Forecast sponsored by the International Council of Shopping Centers. Local retail experts discuss what to expect in 2010 and how to survive. Moderator: Mike Clark, ICSC, San Diego program committee chair. Marriott Del Mar, 11966 El Camino Real, San Diego. 7:30 a.m. registration, program at 8 a.m. Members $45 to $60; nonmembers $60 to $75. Registration information at (646) 728-3800.
REAL ESTATE PANEL: Residential real estate leaders will gather for an annual forecasting event at 5 p.m. at the Del Mar Hilton, 15575 Jimmy Durante Blvd., Del Mar. The program, “Positive Again in 2010,” is presented by the Sales & Marketing Council of the San Diego Building Industry Association. Moderated by Pete Reeb of Reeb Development Consulting. Cost is $65 for BIA members and $85 for nonmembers. Dinner, 6 p.m., program, 7 p.m. For more information or to register, visithttp://www.biasandiego.org/eventsupcoming.php?key=91 or call (858) 450-1221, Ext. 101.
WORKSHOP: CONNECT workshop on “Establishing an Effective Bioscience IP Portfolio,” held in partnership with Pillsbury Winthrop Pittman Shaw LLP. The workshop will cover basic elements of developing a commercially meaningful intellectual property portfolio for a bioscience company. 8 a.m. to 1:30 p.m., offices of Pillsbury Winthrop Shaw Pittman,
12255 El Camino Real, Suite 300, San Diego. Light breakfast will be provided; optional lunch. $45. For more information, call (858) 964-1312.
PRESENTATION: Jeff Morgan, president and CEO of the National Investor Relations Institute (NIRI), speaks to the San Diego NIRI chapter at Leap Wireless, 5887 Copley Dr., San Diego. Networking reception at 5 p.m. presentation, 5:30 to 7 p.m. Morgan will speak on the NIRI and the state of the industry. Admission is $45 for members and $60 for nonmembers if registration is received before 5 p.m. on Jan. 11. The cost for late or on-site registrations is $55 for members and $70 for nonmembers. Register by e-mail at: email@example.com.
FORUM: San Diego Mayor Jerry Sanders will discuss past, present and future city government reforms that will shape the region in NAOP San Diego’s fourth annual Breakfast with the Mayor program. Marriott San Diego/Del Mar, 11966 El Camino Real, San Diego. Registration at 7:30 a.m., program runs from 8 to 9:15 a.m. $40 for members, $60 for nonmembers. Attendees may pay online at naiopsd.org. NAOP San Diego is a chapter of the Real Estate Development Association.
WORKSHOP: “Unlocking the Secrets: the Power of Strategic Alliances” sponsored by the San Diego Regional Chamber of Commerce. A 90-minute training course to be successful in the chamber’s complementary referral program, the Business Alliance. Chamber HQ, 402 West Broadway, Suite 1000, San Diego. No charge. Reservations required. To reserve, e-mail Erin Chapman at firstname.lastname@example.org or call (619) 544-1382.
CONFERENCE: San Diego Society for Human Resource Management’s annual Law Day Conference focuses on employment law, compliance and legislative issues facing today’s workplace. 7:30 a.m. to 3:30 p.m., Hilton La Jolla Torrey Pines, 10950 North Torrey Pines Road, La Jolla. $129 for members, $189 for nonmembers. To reserve and for more information, visit sdshrm.org or acteva.com/go/sdshrm.
FORUM: “TelCentris: Generating Revenue from a Market Used to ‘Free,’”
5 to 8 p.m. Salk Institute, 10010 North Torrey Pines Rd., La Jolla. Sponsored by MIT Enterprise Forum San Diego. For more information, visit sdmitforum.org.
LUNCHEON: Lawyers Club of San Diego monthly luncheon, noon to 1:15 p.m., Bristol Hotel, 1055 First Ave., Downtown San Diego. Doors open at 11:45 a.m. Members $25. Nonmembers $30. Make reservations to email@example.com.
LUNCHEON: Annual installation luncheon of the Downtown San Diego Partnership. 11:30 a.m. check-in, program at noon, Hard Rock Hotel, Downtown San Diego. For information, call Sheri Snead, (619) 234-0201 or e-mail her at firstname.lastname@example.org.
WORKSHOP: Presentation workshop sponsored by BIOCOM, 8:30 a.m. to 5 p.m., at BIOCOM, 4510 Executive Drive Plaza 7, San Diego. Provides opportunity for practice, feedback, videotaping and one-on-one coaching for each participant. Each participant will present three times, be videotaped and receive group and one-on-one feedback. For information, call Kristie Grover, (858) 455-0300.
WORKSHOP: “Unlocking the Secrets: The Art of Giving a Presentation,” a training course sponsored by the San Diego Regional Chamber of Commerce. 8 to 9:30 a.m., San Diego Regional Chamber of Commerce, 402 West Broadway, Suite 1000, San Diego. Learn how to show off what you do and share what makes your business, product or service unique. For more information, call (619) 544-1382.
ANNUAL DINNER: The 139th annual dinner of the San Diego Regional Chamber of Commerce, 5-8 p.m., Town and Country Resort & Convention Center, 500 Hotel Circle North, Grand Exhibit Hall. $150 individual registration. Highlights include induction of the 2010 chairman of the board, Tom Wornham of Wells Fargo, and the board of directors, and presentations of the Spirit of San Diego, Courageous Leadership and Regional Unity awards. For more information, call Katie at (619) 544-1370.
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