Aruna Doddapaneni led development of an extremely complicated mixed-income, mixed-use, mixed-finance development. Celadon at 9th & Broadway is the first property of its kind in California. The ownership of the 17-story high rise in downtown San Diego is vertically subdivided, so it could use financing from two different kinds of federal low-income housing tax credits.
To create the project, Doddapaneni needed to work with officials at California’s State Tax Credit Allocation Committee to change regulations just as the state shut down all its local redevelopment agencies. “It takes passion and perseverance to stick with a development through myriad challenges, including shepherding it through approvals and assembling complex financing,” Doddapaneni says. Since the financing for that project closed, two other affordable-housing projects have moved forward in San Diego copying the same mixed-financing structure. When Celadon at 9th & Broadway is finished in February 2015, it will provide affordable homes to 250 low-income individuals and small families earning up to 60 percent of the area median income. Of those homes, 88 apartments will provide supportive housing, including 63 apartments for frail seniors and 25 for young people aging out of the foster care system.
“It takes foresight to understand what is needed in the communities we serve,” says Doddapaneni, “particularly for special populations, such as frail seniors.” Doddapaneni is also on the board of directors for the San Diego Housing Federation, a nonprofit advocacy organization for affordable housing.