San Diego renters living in aging apartment buildings that haven’t yet been snapped up by investors now have a new line of defense: $8.5 million in city fees being put to work keeping those units affordable—permanently.
The City Council voted unanimously to transfer the funds to the San Diego Housing Commission, with the resolution finalized after mayoral approval by Todd Gloria. The money flows from the Neighborhood Enhancement Fund, which collects fees from developers participating in the Complete Communities Housing Solutions Program—$10.36 per square foot of lot area, or $12.68 per square foot for projects over 95 feet.
The resolution says the fund is intended to enable the Housing Commission—or its nonprofit affiliate, Housing Development Partners—to acquire and preserve two types of properties: deed-restricted affordable units and naturally occurring affordable housing, the kind of older, unsubsidized rentals that are affordable simply because they haven’t been renovated and repositioned yet.
Once acquired, those properties must remain affordable in perpetuity under covenant, serving households earning anywhere from 30% to 150% of San Diego’s Area Median Income.
The $8.5 million is larger than originally planned. The city’s budget had set aside $5 million for this purpose, but an additional $3.5 million accumulated in the fund afterward, pushing the total higher before the transfer was finalized.
The resolution passed unanimously, with all listed councilmembers voting yes.
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