On November 5, 2013, the San Diego City Council unanimously approved a lease-purchase agreement with the San Diego Community Land Trust. The agreement leases 16 single family lots for $1 to SDCLT which will enable us to complete the due diligence on the property and prepare a development plan. Upon approval of the final development plan, the City will sell the lots to the SDCLT for $1 each with the restriction that the lots be used to provide homes that are permanently affordable to low income households.
The lots are located in the Nestor area of southern San Diego in a single family neighborhood. The property has its challenges. The city acquired the property when the original homes were flooded due to improper maintenance of the neighboring flood control infrastructure. We believe that the flooding hazard can be mitigated and we can create new homes for 16 working familes.
This transfer came as the result of Malin Burnham's contact with former Mayor Jerry Sanders two and a half years ago. Mayor Sanders directed the City's Real Estate Assets department to find land that may be suitable and came up with this property. Along the way Council Member David Alvarez, whose district includes the site, became a huge advocate and believes that the community land trust model has the potential to be a major contributor to the City's affordable housing toolbox.
SDCLT is thrilled to announce that we have met a $20,000 challenge grant from Wells Fargo Bank to the SDCLT!
We've achieved this milestone through generous donations from the SDCLT Honorary Advisory Committee Chair, Malin Burnham, the Union Bank Foundation, through the helpful work of foundation officer, Kathy Patoff and several others.
These donations have come because the donors believe in the SDCLT model of creating a new rung on the ladder of housing affordability. They like that the CLT will steward the homes, keeping them permanently affordable. They like how each project seeds the next one.
Because we've met this challenge doesn't mean our need for support to help us achieve our mission has been satisfied. Help us create and maintain permanently affordable homes for San Diego's working families.