We must raise enough private financial capital to build the affordable and middle-income housing that is so desperately needed.
. Others active in San Diego’s housing sector have discussed a coordinated effort.
First, social impact investors and philanthropies must focus on housing, and pool investments into a single fund that can move quickly, deliver moderate returns and still have a major impact. Second, these new investors must prioritize the preservation of existing affordable, but unsubsidized, housing. Sometimes known as Naturally Occurring Affordable Housing or NOAH, this housing is more plentiful than subsidized housing, yet is being lost at a faster rate than subsidized housing is being built. Private equity funds continue to buy and upgrade older apartment buildings, then quickly increase the rents, as happened when.
Finally, affordable housing stakeholders must adopt an aggressive private-sector mindset. The nature of government subsidies makes traditional affordable housing development slow. Locking down state and federal tax credits can take years. In today’s real estate market, players must move quickly. A fund with liquid capital would enable this.
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