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Homes for the homeless

Posted by The Aramco Group on Sat, Apr 1, 2017 @ 14:04 PM

San Diego's homeless population may see a significant decline in the coming months if a plan unveiled last week by Father Joe's Villages comes to pass. The project, entitled "Turning the Key: Unlocking a Brighter San Diego" adds up to 2,000 units of affordable housing in the city by transforming worn and unused buildings into apartments.

"With over 1,000 people sleeping on the streets of downtown on any given night, now is the time to forge bold solutions," said Father Joe's Villages President and CEO Deacon Jim Vargas. "Our homeless crises will not be resolved until we create more housing that people can afford."

The plan entails building on empty lots and revamping old motels. The new dwelling units will accommodate not just the homeless but seniors, veterans, troubled youths and others who may be struggling.

Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 4.125 percent while 15-year rates are near 3.25 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.