39% overhead
Total $2,300,000
8.6% loan payments
52.4%
Housing subsidies
20% set aside of tax increment
This is another slide shown to us by the director of Redevelopment Eric Crockett. We have added the percentages. Staff and supplies eat up 39% of the money and 8.6% go to loan payments this year. This is the money that is supposed to provide housing for our low and moderate income population. Moderate income people make 120% of the median income in San Diego County. Low income people make 80% of median income. Very low income people make 50% or less of median income. This year the median income is $69,400 for a family of four. $62,450 for a family of three. $55,500 for a family of two and $48,600 for a family of one.
There are dedicated housing units in the city which rent to people in these income categories. Unfortunately they all have waiting lists and some of them are still too expensive for people on fixed incomes or with minimum wage jobs.