San Diego Commerce Group

Growing City Of San Diego, CA 92130 image
San Diego is a city that is home to many parks, beaches, and cultural attractions. It is situated on the Pacific Ocean, with a population of about 1.356 million. The area is considered to have a temperate climate, with plenty of sunny days. Home to one of the largest naval fleets in the world, the area also features several military bases. As a result, it is often considered to be a major tourist destination.

The City of San Diego created the San Diego Housing Commission (SDHC) in 1978. This governmental agency administers federally funded affordable housing programs. SDHC provides rental assistance payments, as well as grants to not-for-profit organizations and individuals. SDHC's primary mission is to provide affordable housing to low-income families. In addition to providing affordable housing, SDHC administers several federally funded programs to help address homelessness.

SDHC's Rental Assistance Division provides case management and supportive services to recipients of the Housing Choice Voucher (Section 8) Program. Additionally, the Neil Good Day Center provides additional services to homeless San Diegans. These services include case management, medical and legal counseling, and a computer lab.

SDHC owns more than 3,000 units of affordable housing in San Diego. One of the larger properties is the historic Hotel Churchill, which SDHC acquired in August 2011. Although the hotel is vacant, it will be rehabilitated by SDHC to serve as affordable housing in the community.

SDHC's Achievement Academy is a 9,600-square-foot learning center. Families receiving Federal Housing Choice Vouchers can use the facility to learn job skills and improve their lives. Located in the downtown San Diego headquarters, the academy emphasizes career planning and self-sufficiency.

SDHC's largest funding source is grant income from HUD initiatives. Most of SDHC's programs depend on this funding. Of the funds it received in fiscal year 2013, 81 percent were awarded for Moving to Work initiatives.

For example, SDHC's Project-Based Housing Vouchers encourage families to complete higher education. This program is based on a partnership between SDHC and a nonprofit organization to help families move into homes. There are over 233 Project-Based Housing Vouchers in San Diego. They are estimated to have an annual value of approximately $1,966,753.

On July 1, 2013, SDHC implemented Path to Success, a new program designed to help work-able households become financially self-reliant. The program will set a monthly minimum rent for participants. SDHC will also guide these families to become more financially independent. If a family is unable to meet the standard rent, they may apply for a temporary hardship exemption.

SDHC is eligible for the Build America Bonds program, which offers a 35 percent interest rebate for qualified capital expenditures. SDHC's Chief Financial Officer is allowed to invest in obligations of U.S. Government agencies, as well as the Build America Bonds Program. A financial advisor is available to provide guidance on a diversified portfolio and secure investment mix.

In December 2009, Fannie Mae closed loans for 33 of SDHC's larger properties. Several of these loans were leveraged through the FHA 223(f) program. Also, SDHC has obtained two State of California loans that were extended for 55 years to 2068.

Member Spotlight

QC Kinetix (Torrey Hills)
4765 Carmel Mountain Rd, Suite 202
San Diego, CA 92130
(619) 614-7246

https://qckinetix.com/san-diego/torrey-hills/

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San Diego Commerce Group is a one-stop-shop for businesses and entrepreneurs. We provide resources, support, and connections to help businesses reach their full potential. Our team of experts provides guidance and assistance from start to finish, ensuring success for our clients. By providing comprehensive services, we can help you reach your business goals.
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