Press Release Primary Contact: Sue Reynolds, Community HousingWorks June 6, 2005 (619) 282 6647 ext.313 or (619) 850-4714 firstname.lastname@example.org Megan Brunet, Mercy Housing (303) 830-3323 email@example.com The Contradiction on the Hill: Affordable Housing Overlooking the La Costa Masters’ Golf Course CARLSBAD, CA- Inclusionary housing succeeds in one of San Diego County’s priciest locales: Carlsbad’s La Costa community, famous for world class resorts and million dollar houses. In an area where the median house price is $750,000, San Diego-based non-profit developer Community HousingWorks and national non-profit developer, Mercy Housing, partnered to create 180 apartments of quality, affordable housing. The newly completed La Costa Paloma complex is the inclusionary component of the over 3,600-unit The Villages of La Costa, developed by Morrow Development. As the local non-profit and lead developer of La Costa Paloma, Community HousingWorks ensured the design, entitlements and construction, in addition to providing an on-site after school program and computer center. As a national housing organization, Mercy Housing co-developed, assisted with financing, and provides on-site property management. With the support of funding partners including the City of Carlsbad, Citibank Community Development and the National Equity Fund, as well as investor, Fannie Mae, Community HousingWorks and Mercy Housing have created an exemplary affordable housing community, designed by nationally award-winning architects, Rodriguez+Simon Design Associates. La Costa Paloma illustrates the possibilities of successful mixed-income communities because of its unique location within the La Costa community. By incorporating affordable housing within new developments where the majority of the residential properties are intended to sell at market rate, inclusionary housing ensures a balanced community. With strong support from the City of Carlsbad and a synergistic development team, Community HousingWorks and Mercy Housing created a dynamic force that ensured the development’s successful completion. Press Release In celebration of this accomplishment, Citibank will sponsor the Opening Event on Tuesday, June 28th from 10:00 a.m. – 12:00 p.m., at La Costa Paloma apartments at 1953 Dove Lane in Carlsbad. Tours of the apartments, refreshments and a light brunch will be offered. "La Costa Paloma is a great example of the good that results when public, private and non-profit organizations come together to address the state's most pressing problems," says Andrew Ditton, National Director of Citibank's Community Development group. "Citibank's role in this project is representative of our long-term commitment to community development in California." “Affordable housing can exist, even in the most unimaginable of locations,” states Sue Reynolds, Executive Director of Community HousingWorks. “Through this collaborative effort with Community HousingWorks, Mercy Housing will ensure quality housing and long-term affordability and will continue to develop future opportunities for the residents of the City of Carlsbad,” adds Jane Graf, Regional President of Mercy Housing. About Community HousingWorks: Community HousingWorks is a San Diego non-profit organization that provides a full range of housing options combined with training and support to help people and neighborhoods move up in the world. Community HousingWorks builds and owns beautiful affordable apartments, provides unique first-time homebuyer loans, and provides support and training that strengthens communities and helps youth and adults build a wealthier future. Since its inception in 1982, CHW has served the San Diego County region and in 2004, CHW served over 4,000 individuals through its 23 developments equaling over 1,100 apartments. CHW is San Diego County’s only member of the national NeighborWorks Network®, and a proud affiliate of the National Council of La Raza. About Mercy Housing: Mercy Housing, a national not-for-profit affordable housing organization, has a presence in 37 states, serves more than 50,000 people each day and has developed nearly 17,000 units. Mercy Housing’s California operations, with regional headquarters in San Francisco and satellite offices in Santa Cruz, Sacramento and Orange, have 91 properties throughout the state with another 12 in development. Seventy percent of Mercy Housing’s residents are families, 20% are seniors and the remaining 10% are people with special needs (formerly homeless, people with HIV/AIDS, and the developmentally disabled). About Citibank: Citibank is a member of Citigroup (NYSE: C). Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com.