DATE:
August 31, 2021
05
TO:
Board of Supervisors
SUBJECT
Title
RECEIVE REPORT ON ACCOMPLISHMENTS OF THE $50 MILLION INNOVATIVE HOUSING TRUST FUND (DISTRICTS: ALL)
Body
OVERVIEW
On June 20, 2017 (21), the San Diego County Board of Supervisors (Board) established the Innovative Housing Trust Fund (Trust Fund) to address shrinking affordable housing options across the region. The Board has provided a total of $50 million for the Trust Fund to foster the creation of affordable housing; this total is comprised of $25 million invested at the establishment of the Trust Fund and a second infusion of $25 million added on April 30, 2019 (7). The Trust Fund is the first of its kind, being the first locally funded/locally administered program to offer funding for affordable housing in the entire San Diego region.
The $50 million invested in the Trust Fund was made available through four Notices of Funding Availability (NOFA) between December 2017 and March 2020. In less than three years the Trust Fund leveraged $567 million in other public and private funds to create and preserve 1,397 permanent affordable housing units within 20 developments in 15 communities throughout San Diego County. The inventory of County of San Diego (County) funded and restricted affordable housing increased by 30% due to the Board's investment in the Trust Fund.
The Trust Fund spurs the production and preservation of affordable housing through enhanced partnerships with regional stakeholders. These efforts align with the County's Live Well San Diego vision for a healthy, safe, and thriving region along with recent Board efforts in the Framework for Our Future as this report celebrates the accomplishments of the Trust Fund and promotes transparency and open government by ensuring the data related to the $50 million is available for the public and Board. Additionally, today's action confirms the equitable distribution of resources in 15 communities that will gain much needed permanent...
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