A new program passed by San Diego County Board of Supervisors on Tuesday creates incentives to build affordable housing and provides help to homebuyers and renters.
Holt Pfeiler and Anderson spoke at a news conference before Tuesday's County Board of Supervisors meeting. The board unanimously approved a plan directing county staff to develop a pilot workforce program to create incentives to spur the building of housing for rental and home ownership for people who fall into the 80% to 120% average median-income range. The housing would be deed restricted, so only people in that range would qualify to buy or rent it.
The program is expected to include a revolving fund that would loan money at very low interest to homebuyers and renters. As that money is paid back, it returns to the fund.“Today the San Diego Regional Chamber of Commerce is proud to be here as part of those working alongside the county to create equitable housing solutions.
San Diego County Supervisor Nora Vargas said it's about more than staying here. It's also about building wealth. “We know that home ownership is the single most powerful tool for closing the racial and ethnic wealth gap," Vargas said.
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