The new fund will let local nonprofits and developers apply for funding to shore up the city's affordable housing stock.
The San Diego City Council approved a new affordable housing preservation fund backed by a $8.5 million commitment, according to a report from KPBS.
"Potential uses include, but are not limited to, combining the funds with other sources to preserve "naturally occurring affordable housing properties" and establish requirements for those housing units to remain affordable long-term." Groups that want to apply to the fund can present proposals to the city council or the Housing Authority.
As the article notes, "In 2020, the housing commission completed a study that estimated more than 13,000 existing housing units in the city could lose 'affordability' by 2040. Of those, around 4,200 were deed-restricted units and may lose such restrictions, and 9,250 were naturally occurring affordable housing units vulnerable to becoming market-rate units."
Read the full story: San Diego City Council establishes fund to preserve affordable housing
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