CHAIRWOMAN DIANNE JACOB VICE-CHAIRMAN GREG COX
San Diego County Board of Supervisors
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COUNTY MOVES TO ADD $25 MILLION TO AFFORDABLE HOUSING FUND
County Supervisors Dianne Jacob and Greg Cox on Tuesday will propose doubling a trust fund that is being used to create more affordable housing in the region.
They will recommend adding an additional $25 million to the Innovative Housing Trust Fund program. The board launched the fund in 2017 with an initial infusion of $25 million to encourage developers to build housing for low-income seniors, families, veterans and others who may be homeless or those close to becoming homeless.
So far, an initial $12 million investment has helped finance six projects totaling $177 million and 453 units. County staff is reviewing applications for the remaining $13 million and those projects are expected to come before the board this summer.
“It’s time to double down on this innovative initiative by doubling the fund,” said Jacob, chairwoman of the board. “We’re putting out an even bigger welcome mat to developers and saying, let’s do business. And we’re telling families, your fight for affordable housing is our fight, too.”
The public-private partnership was created because of the huge need for affordable housing. The fund is part of a growing list of county initiatives aimed at addressing housing in our region. Other recent measures include fee waivers to cut the cost of building granny flats and other accessory dwelling units.
“California is an expensive place to live and families are finding it harder to keep up with rising rents or find homes they can afford,” said Cox, vice-chairman of the board. “This new infusion of $25 million will help vulnerable populations, including families, veterans, persons with disabilities, seniors, foster youth who are aging out of the system and families who could be just one missing paycheck or catastrophic family illness away from being forced out on the streets.”
In addition to expanding the fund, the recommendations to the board will include broadening criteria for allowing funds to be allocated for transitional housing programs and including a preference for affordable housing projects within the unincorporated areas of the county.
“We appreciate the ongoing investment that the county is making through the Innovative Housing Trust Fund,” said Stephen Russell, executive director with the San Diego Housing Federation. “Working with the county, our sector has been able to leverage the past funding several times over in our efforts to address the housing crisis for the most vulnerable of our community members, and we look forward to doing the same with the new allocation of funds.”