A new law aiming to preserve thousands of deed-restricted affordable housing units in San Diego is heading for final approval by the City Council.
The proposed legislation, known as the Deed-Restricted Affordable Housing Ordinance, would require the owners of apartment buildings with units that are deed-restricted for low-income and moderate-income residents to notify the city and affordable housing developers if the property goes on the market.
According to a posting by the San Diego Housing Commission (SDHC), these for-sale notices must be sent to the housing authority, the city and qualified nonprofit or for-profit affordable housing developers. The bill would give these qualified affordable housing developers “a right of first offer and a right of first refusal.”
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