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San Diego Housing Commission Financing and Development Services for Multifamily Housing Development In partnership with the San Diego Housing Commission, for- and non-profit developers have built over 23,000 apartments in the City of San Diego - over 10,000 of these with rents affordable to lower-income households. Current Notices of Funding Availability and Requests for Proposals Citywide affordable housing summary To help make it financially attractive for developers to create affordable rental units - either "acquisition-rehab" or new construction - the Housing Commission offers permanent financing in the form of low-interest loans, tax-exempt bonds, and land-use incentives. It also provides technical assistance - such as help securing tax credits and providing predevelopment loans - for nonprofit developers. Affordable housing development financing offered through the Housing Commission includes federal HOME funds, the San Diego Housing Affordable Housing Fund, and tax-exempt bond financing. Inclusionary housing in-lieu fees are a source of revenues for the Affordable Housing Fund. In 2003, the City of San Diego enacted a city-wide Inclusionary Housing Ordinance, one which allows developers the option of paying fees in lieu of providing ten percent of the homes in any development at affordable rates for modest income families. These fees are collected by the City and released, on a quarterly basis, to the San Diego Housing Commission to leverage against other funds to help build affordable housing, preferably in the community plan area from which the funds came. In 2006 the City of San Diego adopted a new in-lieu fee assessment procedure. This new assessment procedure provides developers more certainty as to what the level of their in-lieu fee shall be upon their project's approval. To see how this assessment procedure works, please click here. Populations served by Commission-funded affordable housing are extremely low, very-low, and low-income households, including families, seniors, and persons with special needs. (See Area Median Income chart.) To see how the utility allowance is calculated for low-income households, please click here. The goals of the Housing Commission's Multifamily Housing Development program include:
Application process Developers learn of funding opportunities through Notices of Funding Availability (NOFAs). Housing Commission staff reviews the application, determines the project's feasibility, performs due diligence, and negotiates terms with the developer. Proposals are then submitted for approval to the Loan Committee, Housing Commission, and Housing Authority boards. This process averages three months. Questions/assistance For questions, information or other assistance, please contact the Housing Commission's Housing Finance & Development department. General information:
619.578.7555,
dottiep@sdhc.org |
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