Affordable Housing in San Diego: Meeting the Needs?
San Diego Housing Federation, through its voice for affordable housing, aims to address the housing needs of low-income families in the region. With insights into growth projections, income levels, job salaries, and rental affordability gaps, the city faces challenges in providing adequate housing opportunities. Gap financing plays a crucial role in bridging the funding shortfall for affordable housing developments.
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San Diegos Affordable Housing are we meeting the needs? Susan Riggs San Diego Housing Federation
San Diegos Voice for Affordable Housing SDHF creates affordable housing opportunities for the region s low-income families and individuals by expanding the knowledge, capacity, and influence of the affordable housing development community. Established in 1990 Membership-based organization: Affordable housing developers Contractors, Attorneys, Architects Financial institutions Government Advocates and community partners
San Diego County Growth Projections Population Jobs Housing Source: SANDAG, Series 13 Regional Growth Forecast
San Diego Median Income Median Income Extremely Low Income Very Low Income Low Income Family Size 100% of AMI 30% of AMI 50% of AMI 60% of AMI 1 person $50,600 $16,950 $28,250 $33,900 2 persons $57,850 $19,400 $32,250 $38,700 3 persons $65,050 $21,800 $36,300 $43,560 4 persons $72,300 $24,200 $40,300 $48,360 Source: HUD Adjusted Figures, May 2013
Average Salaries by Job in San Diego Source: Bureau of Labor Statistics, May 2012 5
Monthly Rental Gap in Affordability 35% of Gross Income for Rent and Utilities (Affordable) Average Monthly Rent and Utilities (2 Bedroom Apartment) Monthly Affordability Gap San Diego Worker Social Worker $1,558 $1,361 $197 Dental Assistant $1,093 $1,361 ($268) Hotel Clerk $723 $1,361 ($638) Daycare Worker $698 $1,361 ($663) Food Service Worker $684 $1,361 ($677) 61% of renters in San Diego cannot afford the average two-bedroom apartment 7
Mind the Gap Gap financing fills the void between total development cost and the total funds the developer can obtain from conventional sources such as private bank loans and cash equity investment
Thank You! Susan Riggs San Diego Housing Federation @sdhftweets
