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Housing Commission says Affordable Housing Fund commitments in FY24 leveraged more than $260 million
Summary
San Diego Housing Commission staff reported that $13.8 million in Affordable Housing Fund commitments in FY24 leveraged over $260 million in additional funding and summarized outcomes including 4,200 preserved units and investments in homelessness programs.
San Diego Housing Commission executives presented the Affordable Housing Fund (AHF) fiscal year 2024 annual report to the City Council on Sept. 30, saying local AHF commitments played a major role in leveraging larger financing for affordable housing projects. "In fiscal year 20 24, the total of affordable housing fund commitments and expenditures of $13,800,000 leveraged more than $260,000,000," the commission reported during the presentation.
Suketha Yal, introduced on the record as the Housing Commission's executive vice president and chief financial officer, described the AHF as a permanent, annually renewable source that combines Housing Trust Fund revenue and Inclusionary Housing Fund fees. Christelle Vanderwind, vice president of financial operations, reviewed FY24 outcomes: $5.7 million invested in homelessness initiatives that assisted more than 1,800 households and $4.2 million invested in rental housing finance that closed on 474 affordable units. The presentation highlighted several projects, including Harrington Heights, Iris at San Ysidro and Serenade on 43rd, that helped the commission exceed its production goals.
Councilmembers asked detailed questions about application success rates, typical funding in a given year and the need for steady local revenue. Commissioners said an unusually large pipeline in one year meant more applicants were funded; in a typical year several applicants do not receive full funding. Council members and commissioners framed the AHF as a lever for larger state and federal financing and discussed tradeoffs between in‑lieu fees and on‑site affordable units.
The presentation drew public comments from residents and lived‑experience advisors who praised the commission's results and stressed that affordable housing remains out of reach for many San Diegans. The item required no council action but councilmembers expressed support for continued funding and exploration of stable local revenue sources to sustain and grow production.
