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Housing Commission officials will present details of the city of San Diego’s application for $9.4 million in HUD grants to stabilize neighborhoods ravaged by foreclosure at a meeting today at 12:30 p.m. in Conference Room C at 202 C Street downtown.
It’ll be a special meeting of the City-County Reinvestment Task Force, the group tasked with monitoring lending practices and encouraging investment in some of the region’s low-income neighborhoods.
Here’s a draft of San Diego’s plan to spend its $9.4 million allocation. A quarter of the money has to be spent to assist households earning less than 50 percent of the region’s median income, which is $39,500 for a family of four. The plan has two main parts:
- purchasing foreclosed homes to rent them out to families in that income bracket
- assisting first-time homebuyers with second mortgages and rehab loans to help them purchase a home that has been repossessed
The task force will decide whether to support the plan and send it on to City Council tomorrow.