What is the source of affordable housing funding?
Affordable multi-family developments are typically financed by nonprofit housing developers through funding from private banks, Federal Tax Credits and gap loans from the Redevelopment Agency’s low- and moderate-income housing fund. Pursuant to California Redevelopment Law, the low- and moderate-income housing fund is established by setting aside 20% of the Redevelopment Agency’s tax increment received annually. The low- and moderate-income housing fund must be used to produce affordable housing pursuant to Poway’s adopted Housing Element as well as redevelopment law.
