San Diego Housing Commission Questioned About Large Reserve Fund
Monday, October 30, 2017
Photo by Claire Trageser
Housing Commission Reserves
James DeHaven, reporter, The San Diego Union-Tribune
The hepatitis A outbreak has brought San Diego's lack of low-income housing into the spotlight. Now questions are being raised about the effectiveness of the San Diego Housing Commission.
A story published by The San Diego Union-Tribune says the commission, which is San Diego's largest affordable housing developer, has been growing its cash reserves while funding fewer low-income housing developments than it planned.
According to the Union-Tribune, the Housing Commission has "more than $278 million in unrestricted cash and other assets."
In response to the story, the San Diego Housing Commission issued the following statement after the broadcast of Monday's Midday Edition:
SDHC does not have $278 million in cash and assets available to use as it chooses. In fact, the majority of the funds referenced in the article are funds SDHC already has lent to affordable housing developers, first-time homebuyers or low-income homeowners for the rehabilitation of their properties. They are included because they are owed to SDHC, but the funds are no longer in SDHC’s possession. Additional funds have been committed through actions taken by the SDHC Board of Commissioners or may be subject to Federal program restrictions.
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