SAN DIEGO COUNTY, CA — The San Diego Housing Commission announced on Wednesday that it was accepting requests from real estate investors for more than $46 million in federal and local funds that could be used to build and maintain affordable rental housing units, including homes for individuals and families experiencing homelessness.
By October 30th, applications are being accepted to increase the city’s supply of affordable housing.
The SDHC report, “Preserving Affordable Housing in the City of San Diego,” indicated a critical need for this financing, which includes $21.6 million set aside particularly to maintain or increase the affordability of existing rental housing units in San Diego.
As San Diego City Council President Georgette Gomez said, “It’s tremendously wonderful to see more than $46 million become available to solve our housing crisis, particularly $21.6 million to preserve current affordable rental units.” I’m looking forward to working with the Housing Commission and the private sector to put these resources to work for San Diego’s families. “The affordable housing preservation report we released this summer won’t just sit on a shelf — we’re already taking action to execute its recommendations.”
The building of new affordable housing units or the rehabilitation of existing affordable housing is supported with up to $25 million in addition to the preservation money. Included in this is $10.6 million for supportive assistance and permanent homes for homeless people and families.
These funding will provide crucial assistance for both of these efforts, according to SDHC President and CEO Richard Gentry. “Addressing the city of San Diego’s housing difficulties needs a balanced approach that develops new housing while ensuring that existing affordable units remain affordable.”
Via a competitive application procedure, SDHC will provide funding and, in some situations, rental housing vouchers to qualified developers and organizations.
Rental housing units built with these funds or renovated with them must stay affordable for at least 55 years. If SDHC grants cash to those sites, existing units, including naturally occurring affordable housing without existing rent controls, would be subject to long-term affordability constraints.
Through Fiscal Year 2020, SDHC distributed more than $22.1 million to support the construction or renovation of more than 880 affordable rental housing units, as well as more than 500 rental housing vouchers to assist low-income or homeless households in paying their rent at these developments.