San Diego has become famous in recent years for expensive housing. This program aims to help begin to solve that problem. | GettyImages
San Diego has become famous in recent years for expensive housing. This program aims to help begin to solve that problem. | GettyImages
To meet the needs and demands for more affordable housing in San Diego, the city is opening up a new program to incentivize the development of more affordable housing in the region.
Using the funds from the sale of redevelopment agency properties, the city will help developers build multifamily rental units that are badly needed by the city's population. The city will do this by partnering with housing developers that meet their qualifications and provide funding in a variety of ways.
“As a renter, I’m intimately familiar with how hard it is to afford a home in San Diego. Rents keep rising and many San Diegans are spending too much of their income on keeping a roof over their heads. In order to make living in the city more affordable, we have to build more housing. Using City resources to create rental housing for those who are the most vulnerable is part of the solution to make San Diego more affordable for all of us," Mayor Todd Gloria said.
To fund the projects, the city will be selling properties that were previously owned by the city's redevelopment agency and combine those funds with federal resources. Developers that want to participate in the program will have to submit a Request for Qualifications form.
The city is expecting that it will have somewhere between $30 million and $50 million to be made available to developers that are looking to meet the needs of the city's population. This housing would remain rent-controlled for 55 years or more as a result.
“Our goal is to ensure talent can thrive in San Diego and the highest priority is to invest in new affordable housing options. This funding has not been available previously and we want to ensure developers know we are serious about our commitment to increase the affordable housing supply. Funding is limited so it’s important that people act fast on this wonderful and unique opportunity," Christina Bibler, director of the San Diego Economic Development Department, said.
Interested developers will have to apply by Friday, Jan. 29 to be eligible for the program.
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