U.S. Bank partners to help create affordable homes for veterans in San Diego

U.S. Bancorp Impact Finance provided a low-income housing tax credit equity investment to help finance Cuatro at City Heights, which includes 30 homes reserved for veterans experiencing homelessness

Built by Wakeland Housing across four formerly vacant sites in San Diego’s City Heights neighborhood, Cuatro at City Heights includes 117 affordable homes for families, veterans and other community members.

U.S. Bancorp Impact Finance, the community development and infrastructure finance division of U.S. Bank, provided $38.9 million in low-income housing tax credit (LIHTC) equity to help finance the development. The federal LIHTC program encourages private investment in the construction and rehabilitation of affordable rental housing.

“Cuatro brings together affordable housing, designated homes and services for veterans and spaces intended to serve the surrounding neighborhood,” said Chuck Sinkey, relationship manager for U.S. Bancorp Impact Finance. “That combination reflects Wakeland’s experience developing housing around the specific needs of residents and communities.”

Affordable housing paired with services

Cuatro offers affordable housing for renters with a range of incomes, with 48 units supported by project-based Section 8 vouchers administered by the San Diego Housing Commission.

Located just east of downtown San Diego, City Heights is one of the region’s most diverse neighborhoods and has long been a focus of community investment, affordable housing and economic development initiatives.

Thirty of the units are reserved for veterans experiencing homelessness. The project received additional support through California’s Veterans Housing and Homelessness Prevention program and includes intensive case management on site, with additional services available through local U.S. Department of Veterans Affairs clinics.

The four-building development also includes shared gathering areas, resident services space and ground-floor commercial space intended for community-serving organizations. It opened in phases beginning in fall 2025 and the residential components were completed in September 2026. Commercial space construction is anticipated to conclude in mid-2027.

“Our years of experience have taught us that building affordable housing is just the beginning,” said Rebecca Louie, president and CEO of Wakeland Housing. “At Cuatro, we’re creating more than quality, affordable homes. We’re creating a community where residents have access to the services, resources and connections that help them thrive.”

A longstanding relationship with Wakeland

Cuatro continues a relationship between U.S. Bancorp Impact Finance and Wakeland that spans nearly 20 years and more than 15 affordable housing transactions. Wakeland is a San Diego-based nonprofit developer with experience creating affordable housing paired with onsite resident services that transforms lives and communities.

U.S. Bank and the U.S. Bank Foundation have been long-time supporters of Wakeland Housing, providing philanthropic funding toward financial education and wealth-building opportunities offered to Wakeland residents.

Another recent collaboration is The Teralta, a 73-home affordable housing development in City Heights that opened earlier in 2026. U.S. Bancorp Impact Finance participated as a tax credit equity investor and construction lender.

Together, Cuatro and The Teralta added 190 affordable homes in City Heights in 2026, including homes for veterans experiencing homelessness and households with a range of incomes.

Part of a broader veterans’ housing effort

Cuatro at City Heights is among many developments with veteran-designated homes that U.S. Bancorp Impact Finance has helped finance. In San Diego alone, Impact Finance has provided financing for five such developments since 2017. Nationwide, from 2010 to 2025, the division’s affordable housing portfolio included 90 projects representing more than 3,250 homes set aside for veterans. Many also include supportive services or are located near VA medical centers.

These investments are part of a broader public, nonprofit and private-sector response to veteran homelessness. According to the U.S. Department of Veterans Affairs, 32,495 veterans experienced homelessness during the January 2025 Point-in-Time Count. That was the lowest number recorded since federal measurement began in 2009 and represented a 56.1% decline since 2010.

At Cuatro at City Heights, that broader effort is taking shape through opportunities for former service members to access affordable housing and connect with supportive services designed for their long-term stability.