The San Diego City Council approved financing $125 million towards six local housing developments Tuesday to address the housing crisis in California.
There will be 621 affordable rental housing units added to the city.
The City Council approved the preliminary bond authorization for two developments and the final bond authorization for three other developments. Construction financing for a sixth development was also approved.
"We need more housing in San Diego, especially housing that’s affordable, so this is welcome news to folks struggling to make ends meet in the current housing climate," said Mayor Kevin L. Faulconer, in a statement. "Adding more low-cost units is an important part of our push to tackle San Diego’s affordable housing crisis, and we’re working hard to make sure that more and more of these projects get built throughout the city."
According to the city, the units will remain affordable for 55 years.
This comes more than a week after two proposals from Faulconer's "Housing SD" plan was approved by the council.
The approved measures will make it easier to build granny flats and speed up the permit process for the construction of new homes.
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The units will be finished over the next few years.
