Because rent is typically higher in high-opportunity neighborhoods, security deposits, usually calculated as a percentage of monthly rent, tend to be higher as well. While a voucher holder may be able to find a voucher-eligible unit, the extra cost of the security deposit, as well as the additional costs of moving, may remain a large barrier. Mobility programs can include financial assistance, such as security deposit loans or subsidies, to offset these costs.
Families that participate in San Diego Housing Commission’s Choice Communities program are eligible to apply for a security deposit loan through the Commission. Participants can receive a no-interest loan of up to $1,450, which can be paid back when the lease is terminated and the deposit is refunded. As of 2015, 230 of the program’s 260 participants had taken advantage of the security deposit loan program. The program has loaned a total of $289,264 to Choice Communities participants.
For More Info:
Jessica Adamo, San Diego Housing Commission
Email: [email protected]