Mayor Kevin L. Faulconer
Wednesday, October 11, 2017 - NEWS RELEASE
San Diego – On the heels of Mayor Kevin L. Faulconer and the City Council proclaiming October “Housing America Month,” the Council yesterday approved two projects that will preserve a total of 508 affordable rental housing units for San Diego residents.
The projects, funded partially by Multifamily Housing Revenue Bonds authorized by the San Diego Housing Commission (SDHC), are part of the City’s multipronged efforts to address the housing crisis by building more units, lowering costs and promoting smart growth.
“We need to build more housing that San Diegans can afford, and projects like this are a big step in the right direction,” Mayor Faulconer said. “We are focused on creating more housing opportunities for our low- and middle-income residents and speeding up the approval process so those units are available sooner rather than later. No one who loves San Diego and wants to live in San Diego should be priced out of San Diego.”
The approved projects are:
Each project is a rehabilitation of an existing building and will remain affordable housing for 55 years.
“The rehabilitation of Coronado Terrace and Luther Tower will ensure that these 508 rental apartments will remain affordable for the next 55 years for low-income individuals and families. Public-private partnerships like these – with the support of Mayor Faulconer, the City Council, and the San Diego Housing Commission Board – are essential to meeting the City’s affordable housing needs,” said SDHC President & CEO Richard C. Gentry.
SDHC authorizes the issuance of Multifamily Housing Revenue Bonds, subject to the approval of the City Council, sitting as the Housing Authority of the City of San Diego. SDHC, the City of San Diego and the Housing Authority are not financially liable for the bonds. Private sources of funds, such as revenue from the development, are used to repay the bonds.
These rehabilitation projects are separate from other local efforts to address the statewide housing crisis.
In June, Mayor Faulconer introduced the “Housing SD” plan – a package of proposals to be implemented over the coming year that will:
In July, Mayor Faulconer and SDHC officials kicked off the Commission’s three-year plan to direct nearly $80 million toward programs that will provide permanent housing opportunities for thousands of homeless San Diegans, as well as prevent individuals and families from becoming homeless.
The “HOUSING FIRST – SAN DIEGO” plan for Fiscal Years 2018-2020 includes:
CONTACT: Greg Block at (619) 227-3752 or [email protected]