NHC Member Partner the San Diego Housing Commission (SDHC) was named as a 2009 NHC “Pioneering Housing Strategies” Award finalist for its innovative plan to parlay the equity of its existing properties into additional affordable multi-family housing units for low- and moderate-income families, including seniors, within the city boundaries of San Diego.
SDHC is taking advantage of unique opportunities during a down economy to acquire properties in areas previously out of the agency’s economic reach. The commission’s Real Estate Department plans to acquire more than 40 properties – some distressed but others that are not– suitable to be converted to affordable housing. They include existing rentals, partially finished multi-family developments or other real estate with funding needs.
The plan envisions boosting SDHC’s portfolio of multi-family rental housing by more than 1,000 units over the next three to five years. When completed, the number of affordable housing units owned by the agency will increase from 1,371 to approximately 2,400.
To learn more about this initiative, please read this article from the San Diego Union-Tribune.