California Governor - $159 Million - Preserve 638 Affordable Homes

California Governor – $159 Million – Preserve 638 Affordable Homes

California Governor Newsom Announces $159.9 Million to Preserve 638 Affordable Homes.

SACRAMENTO, CA (STL.News) In an ongoing effort to preserve affordable homes for lower-income Californians priced out of the market, California Governor Gavin Newsom Friday announced more than $159.9 million in awards to keep an additional 638 homes affordable for up to 55 more years.  Since 2022, $315.3 million has been awarded to preserve 1,364 affordable homes, assuring housing for nearly 27,000 people over the life of the developments’ affordability agreements.  These investments guarantee that rents in these thousands of homes remain affordable to low-income Californians for up to 55 more years rather than permanently transforming into market-rate units.

What Governor Newsom said: “As California faces a critical housing shortage, it is vital that we use every tool in our toolbox to build more housing faster and preserve affordability for individuals and families struggling with the high cost of rent.  Every Californian deserves a place to call home, and we are aggressively working to secure more affordable housing throughout the state.”

ABOUT THE FUNDING: Today’s awards are part of the state’s Portfolio Reinvestment Program (PRP), managed by the California Department of Housing and Community Development (HCD).  The program looks to extend affordability agreements by extending loan maturity dates, providing new low-interest long-term loans for the rehabilitation of housing, and providing forgivable loans to support short-term operating subsidies.

“As we work to expand the construction of new housing, it is critical that we also preserve, invest in and maintain existing affordable housing in communities—it prevents displacement, is cost efficient and improves neighborhoods,” said Business, Consumer Services and Housing Agency Secretary Lourdes Castro Ramírez.  “These awards announced today by Governor Newsom will allow affordable housing community developers to improve the quality of living and extend the life of these buildings for many more years by making critical repairs such as fire and life safety improvements to common areas and new roof installations.”

BIGGER PICTURE: Preserving existing affordable homes is part of the multi-pronged strategy laid out in the California’ Statewide Housing Plan, which calls for 2.5 million new homes by 2030, with at least one million of those homes being affordable to Californians at lower income levels.

“Keeping safe, quality, affordable homes from reverting to market rate is a key component of any strategy to address the crisis of homelessness our state is facing,” said HCD Director Gustavo Velasquez.  “These strategic reinvestments – that ensure HCD-funded properties remain livable and affordable for the foreseeable future – will offer tens of thousands of Californians the housing stability and supportive services they need to be successful in a life lived off the street.”

The awards announced today include:

  • Mission Housing Development Corporation received $12,950,076 to preserve 49 units at Dunleavy Plaza in the County of San Francisco.
  • Abode Communities received $26,248,920 to preserve 144 units at Centennial Place in the County of Los Angeles.
  • Eden Housing, Inc., received $12,075,450 to preserve 45 units at Sparks Way Commons in the County of Alameda.  They also received $5,719,492 to preserve 21 units at Hope Villa Esperanza, which was built in 1999 in the County of Santa Clara.  A third award of $19,421,950 will preserve 76 units at the Vista Verde Apartments in Santa Cruz County.
  • 5169 Hollywood Boulevard received $11,217,661 to preserve 44 units at Kingswood Apartments in the County of Los Angeles.
  • Golden Empire Affordable Housing, Inc. received $2,996,989 to preserve 16 units at Park Real Apartments in Kern County.
  • Community Support Network received $396,103 to preserve 6 units at DeTurk, a group home in Sonoma County.
  • Lutheran Social Services of Northern California received a total award amount of $4,520,577 to aid in the rehabilitation of three projects to preserve 24 units, all located in the County of San Joaquin.
  • Chinatown Community Development Center, Inc. received $9,821,259 to preserve 82 units at Clayton Hotel and $9,976,420 to preserve 41 units at St. Claire Residence, both in the City of San Francisco.
  • The John Stewart Company received $44,621,770 to preserve 90 units at The Sequoia in the City of Sacramento.

Additional funding is still being offered, with a notice of availability set to be released in the early fall of this year.  For more information, please visit the Portfolio Reinvestment Program (PRP) California Department of Housing and Community Development.

SOURCE: California Governor


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