DATE:
May 24, 2022
04
TO:
Board of Supervisors
SUBJECT
Title
ADVANCING HOME OWNERSHIP OPPORTUNITIES THROURGH AN INNOVATIVE COMMUNITY LAND TRUST MODEL PILOT PROGRAM (DISTRICT: 1)
Body
OVERVIEW
The County of San Diego (County) is facing a housing and homelessness crisis that can be addressed through the creation of both new affordable housing units and innovative homeownership opportunities. On top of a housing shortage, housing prices have increased, driving both rent and home prices out of reach for many working-class families, while lower-wage workers have fallen even further behind.
By setting funding aside for affordable housing pilot programs, the County can be a leader for housing solutions. The creation of a Community Land Trust (CLT) model proposes a novel partnership between local government and local non-profits to bring transformative change to our region. CLT's are an anti-displacement strategy that will help remove land from the real estate market and secure permanent affordable housing. Casa Familiar, a San Ysidro based community organization, has been committed to serving residents in South San Diego County for 48 years through its dedication to community development. Casa Familiar is introducing an innovative model called Avanzando San Ysidro CLT that will lead to new home ownership opportunities.
Avanzando San Ysidro CLT is a multi-family project that will provide roughly 80-100 affordable units (3-bedroom, 2-bedroom, and 1-bedroom) at 30%-60% area median income (AMI), at three different sites in San Ysidro. The future development will provide affordable housing units with rentable community program space and a Climate Resiliency Park located less than 0.5 miles away. The CLT project would provide ownership or co-op shares opportunities after 15 years of being an affordable housing development through the 15-year Low Income Housing Tax Credit compliance period using a condominium conversion. In this project, equity investors exit a...
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