Wednesday, March 14, 2007
San Diego's Centre City Development Corporation has voted to make a record amount of money available for affordable housing downtown. The city's redevelopment arm says it will spend more than $100 million on housing for median and low-income residents. KPBS reporter Alison St John has more.
San Diego’s downtown has boomed during the era of rising house prices -- but many seniors and low-income renters have been forced out. Now that land prices and construction costs are falling, the CCDC believes the time is right to invest in affordable housing.
Chairwoman Jennifer Le Sar says redevelopment tax dollars are a powerful tool to create incentives for developers to build houses that working San Diegans can afford.
Le Sar : The city and housing commission and the county spend about $50 million on housing -- we would be spending double that to really help abate the housing crisis.
Le Sar says she hopes some of the money can be spent in neighborhoods outside the boundaries of downtown -- like Barrio Logan and Sherman Heights -- where property values have risen, but incomes are still low. The city council will have to sign off on the proposal. Alison St John, KPBS News.
(Photo: Downtown San Diego.