California Construction News staff writer
The City of San Diego has made another $20 million in funding available for Bridge to Home, a city program that provides gap financing for affordable housing projects.
“I have not let up on my commitment to make it easier and less expensive to build homes that are affordable for struggling residents,” Mayor Todd Gloria said. “This third round of Bridge to Home will help builders get their projects off the ground and result in hundreds of new affordable homes for San Diegans.”
This third round of funding is expected to be a catalyst encouraging home builders to get more affordable housing projects into the pipeline by assisting with land acquisition and other up-front financing costs. The Bridge to Home program will provide critical funding at the front end to give qualified builders a leg up on competing for limited federal, state and local resources when they apply for direct grant funding, low-interest loans or tax credits. The NOFA will be available through Oct. 6, 2023, and projects will be awarded on a rolling basis.
To date the program has helped fund 937 affordable homes in Rancho Bernardo, City Heights, El Cerrito, Downtown, Encanto and San Ysidro, including 272 homes with attached supportive services for people experiencing homelessness or at risk of becoming homeless.
“The Economic Development Department is pleased to release Round 3 of the Bridge to Home Program, consisting of $20 million to qualified affordable housing developers to continue the momentum and huge success of Round 1 and 2,” said Christina Bibler, director of the Economic Development Department. “The city’s investment of $48 million has leveraged $568 million in total development costs, acting as a true catalyst to spearhead these affordable housing developments.
“Our gap financing made a significant impact on the competitiveness of projects, resulting in the ability to create housing at income levels that San Diegans can afford.”
Bridge to Home is administered by the City of San Diego’s Economic Development Department through the combination of several funding sources: former redevelopment housing funds, federal funds and Permanent Local Housing Allocation (PLHA).
