San Diego Interfaith Housing Foundation

Poway leaders gathered to celebrate the debut of the project, Brighton Place.

Local leaders celebrated the opening of the Brighton Place affordable housing project Thursday.

The $20.4 million project—which was developed by the San Diego Interfaith Housing Foundation and partially funded by city redevelopment dollars—will see 77 families move in as early as Friday.

"We're proud that we were able to build this site," said SDIHF President Matthew Jumper. "I think we came out with a project that the community can be proud of."

The complex, which is located on Brighton Avenue near Old Poway Park, will accommodate an estimated 245 people, but Jumper said roughly 1,400 people applied to live in Brighton Place.

"I know there's a lot of disappointed people because we don't have enough affordable housing," Jumper said.

Jumper previously had said the Feb. 1 elimination of "redevelopment was a short-sighted money grab by the legislature and governor." Many critics believe the end to the funding agencies will hit affordable housing projects the hardest.

Brighton Place, which broke ground about 15 months ago after being approved by the City Council in 2009, was described as a "win-win" by Mayor Don Higginson.

Higginson praised the energy-efficient qualities of the complex, including its use of solar, drought-tolerant plants and the on-site well which will provide landscape irrigation.

"It's unbelievable," said Higginson, who noted that 74 percent of the project's residents were born in the city, work in the city or have relatives in the city. "Poway is such a great community that's vibrant and alive."

The project was funded by a $5.3 million loan and a long-term ground lease from the city's Poway Housing Authority, an $11 million private equity investment, a $745,000 grant from the Federal Home Loan Bank and a $3.4 million mortgage from the California Community Reinvestment Corporation. The complex holds 44 two-bedroom townhomes and 32 three-bedroom townhomes renting at a range from $510 to $1,072 per month.