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San Diego to Provide $15.4M in Gap Financing for Low-Income Apartments

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Affordability

San Diego to Provide $15.4M in Gap Financing for Low-Income Apartments

The financing will help make five low-income housing projects financially feasible, providing 400 units, 96 of which will be for the formerly unhoused


November 30, 2023
Aerial view of San Diego's Hillcrest neighborhood
Image: Unwind / stock.adobe.com

In the third wave of projects funded by a program San Diego Mayor Todd Gloria calls Bridge to Home, the city will help make five low-income housing projects financially feasible by providing $15.4 million in gap financing. The projects include a total of 400 apartments, 96 of which will be set aside for people who formerly experienced homelessness, The San Diego Union-Tribune reports. The projects are in Hillcrest, City Heights, Palm City, Pacific Beach, and Clairemont.

The Bridge to Home program, launched in 2022, provides gap financing to qualified developers for affordable housing projects that serve San Diego residents who are unable to afford market-rate housing. 

“The city is investing directly in affordable housing projects to address homelessness and provide homes that low-income individuals, families, and seniors can afford,” Gloria said in a Tuesday news release. ...

“The success of this funding program has increased not only the money available to developers, but also built developer capacity and brought new affordable housing developers to San Diego,” said Christina Bibler, the city’s economic development director.

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