{"id":1368,"date":"2026-05-25T13:02:04","date_gmt":"2026-05-25T20:02:04","guid":{"rendered":"https:\/\/losangelesmovinginsider.com\/index.php\/2026\/05\/25\/chula-vista-council-approves-80-million-bond-issuance-for-otay-ranch-affordable-housing-project\/"},"modified":"2026-05-25T13:02:04","modified_gmt":"2026-05-25T20:02:04","slug":"chula-vista-council-approves-80-million-bond-issuance-for-otay-ranch-affordable-housing-project","status":"publish","type":"post","link":"https:\/\/losangelesmovinginsider.com\/index.php\/2026\/05\/25\/chula-vista-council-approves-80-million-bond-issuance-for-otay-ranch-affordable-housing-project\/","title":{"rendered":"Chula Vista council approves $80 million bond issuance for Otay Ranch affordable housing project"},"content":{"rendered":"
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The Chula Vista City Council voted unanimously last week to authorize the issuance of up to $80 million in tax-exempt multifamily housing revenue bonds to finance an affordable apartment complex in the Otay Ranch area.<\/p>\n

Read more Fatal head-on crash in Julian leaves 1 dead, 4 injured<\/a><\/p>\n

The council\u2019s action clears the way for the Otay Ranch II project, a 270-unit development planned for Village 8 East, near state Route 125 and adjacent to Olympian High School.<\/p>\n

The California Municipal Finance Authority, a joint powers authority of which Chula Vista is a member, will serve as bond issuer. Private lender Citibank will fund the project, which will be developed by Meta Housing Corp. The bonds will be repaid from the project\u2019s rental revenue. The city carries no financial obligation.<\/p>\n

Of the 270 units, 267 will be reserved for income-qualified households earning between 30% and 70% of the area median income. A city staff member told the council that the San Diego area\u2019s current median income for a family of four is $130,900, putting eligible households in a range of roughly $52,000 to $90,000 annually. Three units will be set aside for on-site property managers.<\/p>\n

Staff told the council the state has designated the project\u2019s neighborhood a \u201chigh resource\u201d area based on school quality and proximity to jobs and amenities \u2014 factors that make it a particularly suitable location for affordable housing.<\/p>\n

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The project is expected to break ground in summer 2026 and be completed in 2028.<\/p>\n

Councilmember Jose Preciado spoke at length in favor of the financing structure, arguing it is essential to producing housing the private market would not otherwise deliver.<\/p>\n

\u201cI would argue that if we did not incentivize the investment community to produce these, they would not be built,\u201d Preciado said.<\/p>\n

\n<\/div>\n

Councilmember Michael Inzunza, whose district includes the site, offered personal remarks in support, drawing on his own experience growing up in Section 8 housing.<\/p>\n

\u201cThis is an intentional effort to give lower-income residents the opportunity to live in the same middle-class community that I\u2019m now fortunate to live in,\u201d he said.<\/p>\n

Read more Garden Grove chemical tank no longer threat for catastrophic explosion, officials say<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Chula Vista City Council voted unanimously Tuesday to authorize the issuance of up to $80 million in tax-exempt bonds to finance a 270-unit affordable housing development in the city’s southeast quarter.<\/p>\n","protected":false},"author":1,"featured_media":1367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nChula Vista council approves $80 million bond issuance for Otay Ranch affordable housing project - Los Angeles Moving Insider<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/losangelesmovinginsider.com\/index.php\/2026\/05\/25\/chula-vista-council-approves-80-million-bond-issuance-for-otay-ranch-affordable-housing-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chula Vista council approves $80 million bond issuance for Otay Ranch affordable housing project - 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