SAN DIEGO (KGTV) -- Up to $50 million will be awarded to housing developers to fund construction and rehabilitation of affordable housing, the San Diego Housing Commission said Tuesday.
Two of here notices of funding availability will grant $20 million to create affordable housing for residents with low-income and housing with services for the city’s homeless population.
The third grant, worth $10 million, will be used for projects that rehabilitate affordable rental housing.
"Housing affordability and homelessness are inextricably connected," Mayor Kevin 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 commission plans to choose developers using a competitive bidding process. Housing created or rehabilitated using the funds must remain below 80 percent, or in some cases 60 percent, of the area’s median income for at least 55 years.
The median income 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 Councilwoman Georgette 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."
