SAN DIEGO (CNS) - The San Diego Housing Commission announced Tuesday that it will award up to $50 million to housing developers to fund the construction and rehabilitation of affordable housing in the city.
The SDHC announced the available funding at a news conference with Mayor Kevin Faulconer and City Councilwoman Georgette Gomez at San Diego City College's campus at 14th and C streets.
Under two of the three Notices of Funding Availability, up to $20 million will be granted to create affordable housing for low-income residents and housing with services for the city's homeless population. The third grants $10 million in funding to projects that rehabilitate affordable rental housing.
"Housing affordability and homelessness are inextricably connected," Faulconer said. "We're working aggressively to cut red tape and create more incentives to spur development of new housing that working families can actually afford. The release of $50 million for more affordable housing continues that momentum and sends a clear message: It's time for builders to build."
The SDHC plans to choose developers via a competitive bidding process. As part of the notices, housing created or rehabilitated must remain below 80 percent, and in come cases 60 percent, of the area median income for at least 55 years. The 2018 AMI in San Diego is $81,800 according to the county.
"Addressing our city's housing affordability crisis is one of the top priorities for me," said Gomez, vice chair of the Select Committee on Homelessness. "San Diegans need access to housing they can afford, and this funding is an important part of providing those opportunities."