The City of San Diego Friday announced the availability of $25 million in funds to help in the development of affordable housing projects.
The Notice of Funding Availability was released by Civic San Diego. It will allow projects that meet certain affordability requirements and development objectives to apply for funds in order to facilitate the development of affordable rental units for San Diegans.
The goal is to leverage the $25 million at below market interest rates with other funding sources from public and/or private organizations, applying them to several projects that demonstrate affordability and mixed income levels, according to city officials.
“One of the biggest challenges facing our city is the lack of housing and, in particular, affordable housing,” Mayor Kevin Faulconer said in a statement. “We need more housing at prices people can afford and this is just one of many steps we’ll be taking to put more shovels in the ground and get more projects built.”
The $25 million will be funded from the Low and Moderate Income Housing Asset Fund in accordance with the City’s adopted Affordable Housing Master Plan. Qualified affordable housing developers meeting the NOFA qualifications and demonstrating the ability to design, build and manage affordable housing were encouraged to submit proposals.
“This is a great opportunity for us to collaborate with developers and communities to help meet a significant shortage of affordable homes for our residents in San Diego,” Reese Jarrett, president of Civic San Diego said. “We are excited that the deployment of these funds will provide opportunities for families to obtain housing within the means of their income levels.”
The funds are part of the city’s overall approach to increasing affordable housing supply and providing permanent housing for homeless and veterans that was mentioned in Faulconer’s State of the City address in January.
“This is exciting news for the entire San Diego region,” Kris Michell, president and CEO of the Downtown San Diego Partnership said. “The high cost of housing is a huge impediment for businesses and young talent looking to relocate to San Diego.”
—City News Service