DATE:
December 10, 2024
11
TO:
Board of Supervisors
SUBJECT
Title
ADOPT A RESOLUTION AUTHORIZING APPLICATION FOR, AND RECEIPT OF, PROHOUSING INCENTIVE PROGRAM ROUND 3 FUNDS (DISTRICTS: ALL)
Body
OVERVIEW
Enhancing access to affordable homeownership offers numerous benefits beyond simply providing a place to live. In the United States, these benefits include greater economic security, improved access to quality education, increased civic and social participation, and better overall health.
On August 15, 2024, the California Department of Housing and Community Development (State HCD) released the Notice of Funding Availability for the third round of the Prohousing Incentive Program (PIP) Round 3. The PIP Round 3 funds are available to jurisdictions, including the County of San Diego (County), that have received a Prohousing Designation from the State. This designation signifies that the recipient has adopted policies that encourage housing development within their jurisdiction. If awarded, these funds will provide down payment assistance to moderate income families earning less than 120% of the Area Median Income, through low-interest, deferred-payment loans for eligible first-time homebuyers in the County's unincorporated area.
On February 7, 2023 (20), the San Diego County Board of Supervisors authorized a resolution for the County to apply for PIP Round 1 funding, and on May 9, 2023, State HCD awarded $2.4 million to the County. County Housing and Community Development Services has committed all PIP Round 1 funds to an affordable housing development and anticipates expending the funds by March 30, 2025. Additionally, on March 12, 2024 (6), the Board authorized a resolution for the County to apply for Round 2 funding; however, the County was not awarded, as priority was given to jurisdictions who have not previously been awarded PIP funding.
Today's actions include steps towards securing $1.4 million in potential funding by adopting a resolutio...
Click here for full text