Stripped of its redevelopment funds and faced with ever dwindling federal grants, Burbank is having to rethink its approach to affordable housing.
The city recently reserved roughly $402,000 for future affordable housing projects, bumping its total to $1.2 million — far less than the $8 million or so officials typically had to work with each, said Ruth Davidson-Guerra, assistant community development director.
“Never before have we been faced with this kind of challenge,” she said.
There are currently 1,420 affordable units in Burbank and Davidson-Guerra estimates that no large-scale projects will be on tap any time soon to add to that number.
The savings the city holds in reserve will most likely be spent on restoring existing units instead, she said.
“That’s not the ideal,” Davidson-Guerra said. “Even in our community, the need seems to outpace the supply.”
The loss of redevelopment revenues that had been used to support affordable housing projects has been compounded by the shrinking pool of federal grant dollars, officials say.