City officials announced Tuesday up to $50 million available for developers planning to create or refurbish affordable housing units.
It’s part of Mayor Kevin Faulconer’s ongoing plan to address San Diego’s housing crisis and growing homeless population.
“The release of $50 million for more affordable housing continues that momentum and sends a clear message: It’s time for builders to build,” said Faulconer at a news conference Tuesday.
Most of the money comes from fees developers pay to the city to build projects that don’t include units designated affordable housing units.
About $10 million is federal money from the U.S. Department of Housing and Urban Development.
Faulconer said the city is working aggressively to cut red tape to spur the development of new housing.
“Housing affordability and homelessness are inextricably connected,” Faulconer said.
The city’s Housing Commission will administer the $50 million.
“It’s a significant amount of money,” San Diego City Councilwoman Georgette Gomez said. “We need more, but this is a great start.”
The Housing Commission plans to provide 525 housing vouchers for rental assistance for homeless people with 25 vouchers going specifically to homeless veterans.
Since 2014, the Housing Commission has awarded more than $53.1 million toward the construction of 843 affordable rental housing units for low-income San Diegans.
“This development funding is so important because of the impact it will have on the lives of the people who need affordable housing,” Housing Commission Chairman Frank Urtasun said. “Today’s announcement continues the San Diego Housing Commission’s longstanding commitment to provide affordable, safe and quality homes for low- and moderate-income families in the City of San Diego.”
Developers interested in applying for the funds can apply on the commission’s website www.sdhc.org, and access Planet Bids through its vendor portal.