San Diego County Board of Supervisors Chair Nora Vargas, in collaboration with Ethos Real Estate and The Vistria Group LP., announced the agreement to preserve 151 affordable units in Chula Vista permanently.
On Monday morning, the Chairwoman of the County Board of Supervisors was in presence at Vista Lane apartments along with Jennifer Keith, Co-Founder and Managing Partner of Ethos Real Estate, and Yusef Freeman, Real Estate Partner of The Vistria Group to cut the bar of this innovative agreement.
“Preserving affordable housing has been one of my top priorities since I was elected,” said President Nora Vargas. “I am excited about our partnership with Ethos Real Estate and The Vistria Group to ensure residents in District 1 have access to decent, affordable housing. I look forward to expanding this work and creating more partnerships throughout San Diego County to increase housing affordability.”
This collaboration ensures affordability for at least 151 homes in the coming 50 years to guarantee current residents remain in their homes for the long term.
The 55-year agreement will also require acquiring, renovating, and preserving the homes at the Vista Lane Apartments. Furthermore, the homes will be converted into units that do not exceed the boundaries affordable for households earning a salary equal to or below eighty percent of the area’s median income.
This agreement involved partners such as Ethos Real Estate, a company dedicated to preserving affordable housing. Also, the help of The Vistria Group, LP, which is a business investment private company dedicated to ensuring that property continues to be affordable for the inhabitants.
Jennifer Keith, Co-Founder and Managing Partner of Ethos, says this association innovative approach will contribute to expanding housing affordability in San Diego County.
“We are very grateful to President Vargas for creating this innovative partnership. We look forward to working together to continue expanding housing affordability in the region,” said Jennifer Keith, Co-Founder and Managing Partner of Ethos.
Yusef Freeman, The Vistria Group, LP., says this agreement will improve the services and well-being of residents for decades to come through this association.
“We are proud to partner with President Vargas and Ethos to preserve access to affordable housing for families in Chula Vista for years to come,” said Yusef Freeman, Real Estate Partner at The Vistria Group, LP. “With our plan to expand resident services and improve the sustainability of these assets, we have the opportunity to support the overall well-being of our residents.”