Daily Newsletter

21 August 2023

Daily Newsletter

21 August 2023

Works begin on Cortez Hill Apartments in San Diego

The San Diego Housing Commission provided a $5m loan and rental housing vouchers to help with the development.

August 21 2023

US-based NGO Community HousingWorks has broken ground on Cortez Hill Apartments, which will house families, older people, and veterans in San Diego, California, US.

In a LinkedIn post, the developer stated that upon completion, the property will feature 88 affordable housing units, out of which 14 are intended for people facing persistent homelessness.

The property will feature a community room, computer learning centres, and an outdoor community area, reported Times of San Diego.

The community centre will have a kitchen, bathrooms, bike storage, a computer lab, and meeting and gathering areas. The courtyard will also have access to an on-site laundry facility.

San Diego mayor Todd Gloria said: “We need more of this, not just in downtown; it’s not just in San Diego.

“If you’re with me, whenever you see an opportunity - whether it’s at the kitchen table with that neighbour that does not like more housing in your neighbourhood, whether it’s your friends on social media who maybe talk about housing being a bad thing, it’s not.”

The San Diego Housing Commission provided the developer with a $5m loan and rental housing vouchers for use in the development.

Furthermore, a total of $21.2m in tax-exempt Multifamily Housing Revenue Bonds and up to $10.2m in other taxable bonds, approved by San Diego City Council, were issued.

Community HousingWorks tweeted: “We're grateful to everyone who's supported Cortez Hill Apts. and look forward to celebrating the opening in 2025!”

ESG 2.0 will be less forgiving of poor ESG performers, especially on environmental issues

While ESG 1.0 was driven by voluntary corporate action, ESG 2.0 is being driven by a new wave of government policies. A host of new environmental laws are in the pipeline, relating to mandatory reporting, carbon pricing, and carbon import tariffs, as well as more state support and investment in clean energy technologies. Companies unprepared for ESG 2.0 face higher costs and lost sales.

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