San Diegos Affordable Housing are we meeting the
San Diego’s Affordable Housing – are we meeting the needs? Susan Riggs San Diego Housing Federation
San Diego’s 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 Extremely Low Income Very Low Income Family Size Low Income 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
Click to add title
Monthly Rental Gap in Affordability San Diego Worker 35% of Gross Income. Average for Rent. Monthly and Utilities Rent(Affordable) Monthly and Utilities Affordability Ga (2 Bedroom Apartment) 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 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
- Slides: 9