San Diego County Creates $25 Million Trust Fund for Affordable Housing

Several months ago, I posted about the California housing crisis.  The demand for housing throughout the state has been increasing rapidly, but construction is not keeping up.  As a result, prices are skyrocketing, and many people are unable to find affordable housing in metropolitan areas like San Diego.

To add to the difficulties, there are environmental regulations to consider when it comes to urban development projects.  Review committees look at how new housing projects could impact traffic, noise, vistas, and air quality, and if issues are discovered, projects can be delayed or halted altogether.

Now, however, San Diego County is taking action to try and alleviate the situation.  The supervisors have pledged through a unanimous vote to create a $25 million trust fund to fund the development of affordable housing.  Currently the decision is pending a final review in October, but it is expected to pass.

Homelessness is a growing problem in San Diego county, with recent counts estimating as many as 9,000 residents in streets and shelters.  Many more are paying more than they can afford on their rent or mortgages.  These vulnerable residents may find themselves facing the streets soon.  This will only cause the homeless situation in San Diego to get worse.

The projects which are endowed through the trust fund will be aimed at helping those who are homeless currently or at risk.  This includes seniors, low-income individuals and families, transitional age youth, veterans, and disabled persons.  Using the funds for labor, supplies, loans, and more, non-profit organizations as well as private companies will be able to construct new housing or renovate existing units.  

How much will the housing projects cost individually?  The least expensive projects are estimated to begin around $11,000, while the most expensive ones are likely to run as high as $300,000.  The goal of course is to keep costs as low as possible so that the $25,000 fund can pay for as much new and renovated housing as possible.

Whatever your own financial situation, the state of California’s overburdened housing market will influence your search for a home you can afford.  There are still beautiful properties in this area with an affordable price tag however if you know where to look—and I do.  Give me a call at (619) 857-7191, and I will help you find an excellent value.