Chamber Emailing

MONDAY MEMO California State Legislation Voting Record CPUC Decision Unfairly Shifts Costs to Region The Sandee Award Deadline Please Submit Your Nominations for Consideration Know Before You Go Travel Tips Tips For U.S. Citizens and Permanent Residents Traveling Internationally Tips For Visitors to the United States Top ten Travel Tips

UPCOMING EVENTS 12/7 Super Mixer 12/9 Legislators' Reception 12/13 MAAC Breakfast 12/16 Get Connected Breakfast 01/18 134th Annual Chamber Dinner

CHAMBER CONNECTION Business Alliance Join the Chamber's Refferal Group Chamber Foundation Supporting Education that Works Member-to-Member Discount Directory Website

FEATURED MEMBERS Rocky Mountain Chocolate Factory Creates Delicious Holiday Gifts Ford Harding on how to Become a Rainmaker Gulls Military Appreciation Program Golden Ink Litho & Design for all Your Printing Needs

UNION BANK MAKES AFFORDABLE HOUSING A TOP PRIORITY

It is well known in San Diego that real estate is booming and home prices keep skyrocketing. But while developers, investors and homeowners profit from the boom, renters and entry-level homebuyers are feeling the pinch.

Already, 30,000 households are on the waiting list for affordable housing in San Diego County, and the list keeps growing. In fact, less than 16 percent of county residents can afford to purchase a home and that number is quickly dwindling.

"The lack of affordable housing in San Diego has reached crisis proportions, and we aren't seeing relief in sight," said Robert A. McNeely, chairman and CEO of the Union Bank of California Foundation.

To understand how severe the problem is, consider that in order to purchase a median-priced home – which in August was $474,370 in California – the homebuyer must have an income of at least $111,180.

This is based on an average mortgage interest rate of 5.83 percent and assuming a 20 percent down payment. Nationally, the minimum household income needed to purchase a median-priced home at $190,100 is $44,500.

"Clearly there is a significant discrepancy between our housing costs and those in other parts of the nation," added McNeely. "Not only does this affect San Diego County residents, but it affects local businesses that are trying to attract employees from other states. Housing affordability affects all areas of the economy."

In fact, so important is the affordable housing issue that Union Bank of California and its Foundation have given more than $6 million in affordable housing grants to various organizations during the last five years.

In San Diego County alone, more than $900,000 of that was to a variety of organizations, including affordable housing developers, homeless shelters, transitional housing for domestic violence victims, housing for people with disabilities and other projects.

"Every year the Union Bank of California Foundation reviews issues important to our community and we earmark funds based on those priorities. Affordable housing is always in the top three in terms of priorities for giving," added McNeely. "We believe it will remain a priority for many years to come."

For more information, visit www.uboc.com.

2004 Legislators' Reception

Don't miss this event to meet, network, and get to know San Diego's Elected Officials. Invited officials include: U.S. Congressional Delegation, State Senators, State Assembly Members, County Board of Supervisors, Mayors of San Diego's 18 Cities, San Diego City Council, San Diego Port Commissioners and Board Members of the San Diego County Regional Airport Authority. Special awards will be presented for the elected officials of the year.

When: Thursday, December 9, 5:30 p.m. Reception, 6:30 p.m. Awards Ceremony.
Where: Mingei International Museum, 1439 El Prado-Balboa Park
Cost: $40 Chamber Members, $50 Prospective members, $60 For All if Paid at the Door

Special thanks to event sponsors: Calpine, Jack in the Box, San Diego Association of Realtors, Sycuan Resort & Casino, San Diego Catering Concepts, Geico Direct, SAIC, Sempra Energy, San Diego National Bank and QUALCOMM.

Thank You to our
Renewing Members

Chamber Press Releases
Hot off the press

Should write-in votes be counted if the corresponding bubble is not filled in?
	Yes
	No

Use this link if the form above doesn't work

Members in Action
Announcements, awards and more!

Chairman's Report
News from the Chamber Board

Your Business Advocate
Leveraging its robust membership, collaborations with other organizations and political access, the San Diego Regional Chamber of Commerce's business advocacy team initiates legislation and lobbies for policies that create a stronger pro-business environment.

^. : designed by digital-telepathy : ^.