by Leaders in San Diego announced Thursday that the Bridge to Home initiative will get an additional $15 million in financing to help build more housing in the city.
According to the city, this is the sixth round of funding for the gap-finance initiative, which has committed about $108 million to assist 24 projects, including 2,148 affordable houses.
According to Mayor Todd Gloria, this program is a crucial part of our larger plan to increase home construction, reduce rents, and cut San Diegans’ total cost of living.
In order to increase the number of low- to moderate-income housing units available, the city has invited developers to submit project proposals in a notice of available funds. The program provides gap funding to assist make these kinds of projects feasible.
The city claims that $10 million of the $15 million in this funding cycle comes from old redevelopment monies, which can only be used to build new housing, including site upgrades.
To enable smaller developers to construct buildings with 40 units or fewer, the city is contributing an additional $5 million from federal housing and community development funds.
According to Christina Bibler, director of the city’s Economic Development Department, these smaller initiatives are crucial to creating thriving and varied communities. They offer a range of reasonably priced housing options that meet various needs, boost the local economy, and improve San Diegans’ quality of life in general.
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According to a city statement, San Diego will have an emerging developer networking event on August 19 to give these developers a chance to interact with qualified development teams that could be interested in working together on a proposal.
Since Gloria started Bridge to Home in 2021, the initiative has at least partially funded new dwellings. 421 of the new apartments have services to keep people from becoming homeless.
140 of the houses are occupied as of right now. According to the city, 595 more homes are presently being built, and work will start on 47 more in August.
