California Department of Housing and Community Development Announces $262 Million in Awards for Affordable Multifamily Housing Developments
For years, California has been under building homes, especially multifamily housing. This lack of supply and skyrocketing rents and home prices have created heavy, overwhelming cost burdens on families. In the ongoing effort to address California’s affordability crisis, today, the California Department of Housing and Community Development (HCD) awarded more than $262 million from the Multifamily Housing Program to preserve and build new affordable homes.
The Multifamily Housing Program awards are funded from Proposition 1 — the Veterans and Affordable Housing Bond Act of 2018 — which California voters approved on November 6, 2018, authorizing bonds providing $1.5 billion in new funding for housing. This funding will assist with new construction of affordable homes and acquisition, rehabilitation, and preservation of permanent and transitional rental housing for lower-income households.
“This voter-approved funding represents a significant investment in affordable rental housing across California,” said Alexis Podesta, Secretary of the Business, Consumer Services and Housing Agency, which oversees HCD. “California is experiencing an extreme housing shortage and this funding shows continued commitment to create ‘A California for All’.”
An additional $175 million in available funding for the Multifamily Housing Program will be released January 2020.