San Diego City Council Approves $8.5 Million Fund to Preserve Affordable Housing

San Diego, CA, July 26, 2026 —

The San Diego City Council has given its approval for the creation of an $8.5 million fund dedicated to preserving existing affordable housing in the city. This significant financial commitment aims to address the ongoing issue of declining affordable housing stock by maintaining the affordability of naturally occurring affordable housing (NOAH) properties.

The fund will be managed and administered by the San Diego Housing Commission. Its primary objective is to acquire and preserve residential properties that are currently affordable to low- and moderate-income households but are at risk of being redeveloped or converted into market-rate housing. By intervening, the city hopes to secure these units for long-term affordability.

Naturally occurring affordable housing refers to properties that have become affordable not through government subsidies or regulation, but due to market conditions, age, or location. These properties are crucial for providing housing options for a wide range of residents, but they are often vulnerable to market pressures that can lead to their loss.

The establishment of this fund represents a proactive approach by the city to combat the rising cost of housing and the displacement of residents. The initiative is intended to slow the trend of disappearing affordable homes, ensuring that more San Diegans have access to stable and reasonably priced housing.

Further details regarding the specific mechanisms for property acquisition, the criteria for eligible properties, and the timeline for the fund’s deployment were not immediately available. The San Diego Housing Commission is expected to provide more information on the operational aspects of the program as it is rolled out.

Story summarized from the original created by City News Service on www.nbcsandiego.com, see more information here.

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