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$25 million approved for San Diego affordable housing

Posted by The Aramco Group on Fri, Aug 17, 2018 @ 14:08 PM

The San Diego County Board of Supervisors, in an attempt to quell the extreme homelessness in the County, voted unanimously last week to approve $25 million in financing to several affordable housing projects.

The funding is from an organization called the Innovative Housing Trust Fund and will add over 500 affordable multi-family housing units within the County. Many of the new homes will be reserved specifically for the homeless, veterans, those with disabilities, families and senior citizens.

The developments will be in Otay Mesa, Vista, Poway, San Marcos among other areas and are forecast to be available by the end of 2021. A recent study found over 8,500 unsheltered people living in San Diego – the fourth highest in the nation.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.