San Diego Union Tribune: New program aimed at creating rentals for mid-income earners
As excerpted from the San Diego Union Tribune:
San Diegans who make too much to qualify for traditional affordable housing but not enough to rent in many places will get some help next year through a new pilot program. Gov. Jerry Brown has signed a bill introduced by Assemblyman Todd Gloria, D-San Diego, that authorizes the San Diego Housing Commission to work with developers and property owners to include middle-income earners in projects that also include low-income housing.
The new program, which also will be introduced in Santa Clara County, will allow housing authorities to make loans to finance the construction of projects that include units specifically for middle-income households. It will not divert money from low-income housing or reduce the number of units set aside for low-income families.
Participating projects will have 40 percent of units for low-income people with housing vouchers and 10 percent for middle-income earners who will pay less than the market rate.
Gloria said it’s hard to say how many units will be created for middle-income renters in the program.
“This really is exploring an area that hasn’t been explored before,” he said. “Just the idea of legalizing housing authorities to work in this space could be a modest effort, or it could be transformative.”