Develeopers_Construction_2011

Partnership Opportunities

The Housing Commission takes pride in its ability to negotiate partnerships with developers to expand San Diego's inventory of affordable housing. Since 1981, the Commission has contributed more than $1 billion in loans and bond financing to projects that produced more than 20,600 affordable housing units of which 12,662 are affordable. This is an average of approximately $79,000 in Housing Commission financing per affordable unit produced.

The agency’s Real Estate Department uses a variety of methods and financial tools to create new affordable housing, including:

Collaborating with developers to build new rental units that are affordable.
Assisting with the purchase of existing properties and renovating them to preserve rental units that are already affordable or converting them to affordable units.

Financial Participation & Lending

To make it financially attractive and feasible for developers to create affordable housing, the San Diego Housing Commission offers a number of incentives, which include:

Permanent financing in the form of low-interest loans, tax-exempt bonds and land-use incentives;
Technical assistance, such as help with securing tax credits;
Predevelopment assistance, loans and grants to help non-profit developers during the preconstruction phase;
Funding sources include federal HOME funds, Multifamily Tax-Exempt Bonds, Community Development Block Grants and the local Affordable Housing Fund. These funding sources can be used alone or in combination with each other. Each fund has its own requirements for allowable uses, repayment terms and project affordability restrictions.

Notice of Funding Availability

The San Diego Housing Commission has closed the Notice of Funding Availability (NOFA No. HF02-01) for the construction, acquisition, and operation of affordable rental housing because the demand has exceeded available funding. A new Notice of Funding Availability will be published when new funding is available, which is expected May 1, 2012.