The San Diego Community Land Trust on December 26 announced that the group will take possession of 3.3 acres in the southern San Diego community of Nestor in exchange for the nominal fee of 16 dollars. The land will be used to build 16 moderate-income "permanently affordable" housing units.
City-council members unanimously approved the transfer via a long-term land lease in November, allowing the nonprofit organization to move forward with its due-diligence research on the project's feasibility. When the units are completed, they'll be offered for sale to families earning up to 80 percent of the San Diego region's median income, currently $64,500 for a family of four, according to Housing and Urban Development numbers.
"This presents a unique partnership and approach to maintain affordable housing stock that working families have access to," said city councilman and mayoral hopeful David Alvarez in a release accompanying the announcement.
Permanent deed restrictions would be placed on the properties; they would transfer to future owners, including a cap on profits when the homes are resold to keep prices in line with income guidelines. Maintenance requirements would also force homeowners to keep landscaping and the property in good condition.
Jean Diaz, executive director of the SDCLT, says the group hopes to add 15 to 25 units of permanently affordable housing stock to the region each year, with a goal of completing 200 homes in a nine-year span.