Market Conditions - July 24, 2006 by Carla L. Davis
It is no secret that housing prices in the state of California are high. The California Association of Realtors has reported that the median price of an existing, single-family detached home in California during May 2006 was $564,430. And one of the more expensive cities is San Diego. A prime location known for the sun and sand, this city can be a trying one for low income buyers. The median price is $622,380. This is why the California Department of Housing and Community Development announced last Thursday that $20 million in funds are being allocated to provide for housing opportunities for those in need in the San Diego area. Even Governor Schwarzenegger issued a statement regarding the funding, saying, "When I became Governor, I ordered that Proposition 46 funding be expedited so homes and shelters could be built more quickly. I am also proud to announce the first award of funds from my Initiative to End Chronic Homelessness. The award is given to a project in the city of Santa Cruz dedicated to helping chronically homeless individuals receive the shelter and services they need to regain a healthy and productive life." The funds are expected to help 412 families in their time of need -- in the forms of new and rental housing. And just like the initiative in Hawaii late in 2005 to provide affordable housing in markets that cater to high income buyers, $500,000 will be "awarded through the Workforce Housing Reward Program, which provides financial incentives to cities and counties for issuance of building permits for 141 new homes affordable to lower income households." | 
