The state of California is working to reduce the cost and time it takes to build affordable housing. A recent example is a 79-unit affordable housing complex in Clairemont that took seven years to build, with a cost of nearly $43 million, or around $540,000 per unit.

A Solution to the Problem

Paul Downey, a local advocate for seniors, argued that the state’s funding system is to blame for the high costs and long construction times. He suggested that the state should create a single pool of federal, state, and local funding with a single application process.

Governor Newsom has signed a budget trailer bill into law that aims to address the issue. The bill creates a new committee, the Housing Development and Finance Committee, which will begin to realign the work that has been spread across the treasurer’s office and the Department of Housing and Community Development.

According to Stephen Russell of the San Diego Housing Federation, the new committee will help to streamline the funding process and get projects approved and funded more quickly. This, in turn, should help to reduce the cost of affordable housing and get more homes built faster.

Original reporting: Voice of San Diego — read the source article.