SAN DIEGO (CNS) - The state is funding four affordable housing developments in San Diego County to the tune of $59.4 million as part of its new finance program, the county announced Tuesday.
The funds are part of more than $141 million that Gov. Gavin Newsom has slated in awards intended to reduce homelessness and increase housing availability across the state.
The developments -- which had already secured around $16 million in county funding -- are currently in the planning stages. When complete, they will create 380 units of affordable housing.
The projects are:
- The 73rd Street Apartments in the College Area, a 120-unit building serving those making 30%, 40% and 50% of the county's Area Median Income. The county had previously funded nearly $7 million, supplemented by Tuesday's $18.48 million from the state
- Goodwin on Glacier in Grantville, a 131-unit project for seniors 55 years and older on county surplus land. The state awarded $35.5 million
- Encanto Gateway in Southeastern San Diego, a 65-unit project for low-income households and people experiencing homelessness. The state awarded $1.5 million, adding to the county's $6.62 million
- Iris Avenue Trolley Apartments in Otay Mesa, a 64-unit project for low-income households making 30%-40% AMI. The county had invested $3 million and the state awarded an additional $3.9 million
"The new funding helps secure the viability of these affordable housing developments which generally require multiple funding sources and are unable to begin construction until being fully funded," according to a statement from the county.
Since 2017, San Diego County has invested more than $327 million in affordable housing, helping open 2,901 homes with 3,072 more in the pipeline.
According to a San Diego Housing Federation report last year, the county as a whole is short more than 134,500 housing units for low-income renters.
"The need for affordable housing in San Diego is greater than ever," Stephen Russell, president and CEO of SDHF, said when the report was released. "Today's data shows that investment from all levels of government is helping, but now is not the time to back down."
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