Naturally Occurring Affordable Housing: N.O.A.H.
Silvergate Development specializes in the development of Naturally Occurring Affordable Housing (N.O.A.H). Naturally Occurring Affordable Housing occupies the “missing middle’ of the housing affordability spectrum. It bridges the gap between government subsidized housing and high-end lifestyle apartments. NOAH is multi-unit work-force housing that delivers quality for value. It represents the solution to the mounting housing affordability crisis in San Diego County, Southern California, and across the country.
In the recovery after the financial crisis developers have predominately focused on either the high end of the rental housing market or the low end (i.e. government subsidies) leaving a large void of new housing and an aging stock of existing housing in the middle. Silvergate has recognized this opportunity and has designed a highly-efficient three-story walk-up apartment prototype to fill the void. The proprietary Silvergate apartment prototype leverages its principals combined 80+ years of housing development expertise to deliver the optimal design for Naturally Occurring Affordable Housing.
The Silvergate prototype is designed from the inside out with a focus on high-end functional unit interiors featuring modern open floor plans, high ceilings, and luxury finishes. The Silvergate prototype includes fewer amenities than a typical lifestyle community but targets a discerning tenancy that values unit quality over the quantity of amenities. Construction efficiencies and the proprietary design allow Silvergate to lease comparable units for $200-$400/month less than the lifestyle developers.
Silvergate is unique in that it is not looking to compete in the crowded market at the high-end of the rental housing spectrum in Downtown San Diego. Instead Silvergate focuses on transit-oriented opportunities in secondary markets throughout San Diego County. Market fundamentals and the supply/demand equation in San Diego have created a very favorable climate for Silvergate’s niche business model. Additionally, there is a growing pro-development pro-housing movement in San Diego that is building momentum and justifying the business case for Naturally Occurring Affordable Housing.
Please see the following links to some local organizations that share in our mission of solving the housing affordability problem in San Diego:
Housing You Matters
Here are several studies that are helping Housing You Matters understand the problems of creating homes that are more affordable.
- Door to Lowering Housing Costs 2015 – Point Loma Nazarene College Study
- Addressing the Housing Affordability Crisis – San Diego Housing Commission
- 2016 Roadmap to Shared Prosperity – California Forward
- Location Matters: Housing Affordability and VMT Reduction
- White House Housing Development Toolkit September 2016
- Legislative Analyst’s Office, Perspectives on helping low income Californians afford housing, 2016
Circulate San Diego
Circulate San Diego Publishes Report on Transit Oriented Development in the City of San Diego
Transportation and land use think tank Circulate San Diego published a report today on how the City of San Diego can better facilitate transit oriented development (TOD). Circulate San Diego’s report titled “Transit Oriented Development” outlines a variety of policies the City of San Diego can implement through city-wide municipal code updates.
To promote more TOD, the report details proposals covering a variety of policies, from reform of parking requirements, updates to traffic models, and implementation of the City of San Diego’s groundbreaking update to the Affordable Homes Bonus Program.
Building Industry Association of San Diego County
The Building Industry Association (BIA) of San Diego exists to represent the many companies that plan, design and build the many places where San Diegans live, work and play.
Members of the BIA generate thousands of jobs in the greater San Diego region and together are one of the most important driving forces in our local economy. With nearly 800 company members and all of their thousands of employees, the BIA is a major voice supporting the efforts to build all types of residential and commercial projects. The BIA marshals the collective influence of those who are engaged in the building industry to address issues that impact the development community in San Diego County.
The BIA unites the industry and the broader business community around a common vision for the region and is respected and sought after as a partner for its expertise, perspective and influence. The BIA is proactive and solution-oriented in identifying and addressing issues that impact community growth and development.