Santa Monica Rent Control Board Supports Program Subsidizing Rent for Elderly

The Santa Monica Rent Control Board resolved by consensus Thursday to voice their support for the Preserve Our Diversity program. The program, which is currently in a pilot state, represents an effort by the City of Santa Monica to allowing elderly residents to remain in their homes by subsidizing their rent. The board plans to vote in their next meeting to officially recommend that the Santa Monica City Council continue to roll out the program.

The city council will be voting this summer on whether to expand the program's funding to $2,000,000, which would allow for 500 residents to have their rent subsidized. According to Santa Monica board member Anastasia Foster, if that $2,000,000 was spent on acquiring or constructing new units, it would only pay for four units.

In order to be eligible for the program, residents must fall within the bottom 30% of their area's Annual Median Income, spend 50% of their income on rent, and have lived in their unit since the year 2000. Participants are also required to report all of their household spending to the city, not just their housing costs.

Foster brought the resolution before the board at their March 25th meeting. Foster expressed her belief that the program would benefit the nonprofit Community Corp of Santa Monica (CCSM) which "restores, builds, and manages affordable housing for people of modest means," according to their website.

Referring to these potential savings for qualified residents, Foster said, "Each new unit [build by CCSM], whether constructed or purchased, costs between $450,000 to $650,000 per unit to acquire or build, a lot of that was due to land scarcity and land prices - we have right in front of us an opportunity at a much lower cost and a much quicker outcome to preserve existing affordable units right now."

Foster pointed out that there are currently 6,000 people on the waiting list for CCSM housing, which far outstrips the city's ability to construct of acquire new housing in a short time frame. Foster expressed to her fellow board members that she wanted to make a clear statement to city council in support of the measure.

"My gut feeling on this is that we as a board have a big voice in supporting this program and in supporting the boots on the ground details," Foster said. "Our board is poised more than most - to attest how quickly and efficiently and directly people today who are not yet on the 6,000 person waiting list don't ever have to get on it if we can help them."

Board member Todd Flora also expressed his support for the resolution, citing the fact that the current annual General Adjustment of rent prices outstrips annual increases in the Social Security money given to seniors. "Our formula has produced a general adjustment that is putting at-risk seniors who we want very much to age in place, and that's very much one of the goals of many communities." Flora said. "Building a new unit doesn't help a senior who is happy in the unit they have now. They need rental assistance to stay."

Chairperson Caroline Torosis acted as a moderating voice in the discussion, saying that she wanted to make sure they didn't pass any resolution that she did not feel fully informed on.

"Not to take away from my total 100% support, but there's a limited pool of money, and I do think its a multi pronged solution," Torosis said. "But at a certain point, you're giving money to a tenant at a unit that already exists and potentially taking that from constructing additional units."

Despite expressing this concern, Torosis did ultimately support the resolution, saying that she merely wanted to ensure she was making an informed recommendation.