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The Department of Housing and Community Development Awards $56.1 Million in Proposition 1C and Proposition 46 Housing Bond Funding to Create Housing Opportunities for Thousands of Northern Californians
is pictured with jubilant awardees
California Department of Housing and Community Development (HCD) Director Lynn L. Jacobs today awarded more than $56 Million in Proposition 1C and Proposition 46 funds to recipients in the Bay Area and Greater Sacramento/Stockton regions.
“These awards will help Northern California communities increase homeownership and provide safe and affordable rental housing opportunities in the communities where they need to live and work,” said Director Jacobs. “Governor Schwarzenegger and HCD are committed to expediting these awards to make housing available as soon as possible”
The awards were part of the announcements of more than $142 million in available housing bond funds by the Governor earlier this month. Proposition 1C is the $2.85 billion housing bond passed by the voters in November 2006, a part of the Governor’s Strategic Growth Plan. Proposition 46 is the previous $2.1 billion housing bond approved by voters in November 2002.
The total awards will also help spur economic development in California communities. The Proposition 1C and 46 funds will create 5,300 jobs, more than $244 million in wages and leverage a total investment of $662 million into California’s economy.
At today’s ceremony, awards were made through HCD’s housing programs, including:
- $37 million in awards through the Multifamily Housing Program and its Supportive Housing Component will provide permanent low-interest loans for the construction of new affordable apartment homes and rehabilitation of existing affordable units. Californians who make up the vital workforce - the backbone of our economy, as well as seniors, the disabled, homeless and those transitioning from homelessness - are among the future residents of the apartment homes that will be constructed or rehabilitated. The awards will help 585 California families or individuals realize the dream of an affordable rental home.
- $6.2 million in commitments through the Building Equity and Growth in Neighborhoods (BEGIN) program, which reduces local regulatory barriers to affordable ownership housing, and provides downpayment assistance loans to qualifying first-time low- and moderate-income buyers of homes
- $10 million through the Downtown Rebound program, which finances the conversion of vacant or underutilized commercial and industrial structures into residential units; residential infill; and the development of high-density housing adjacent to existing or planned mass transit facilities.
- $800,000 million in commitments through the Joe Serna, Jr. Farmworker Housing Grant Program which offers loans and grants for construction and rehabilitation of affordable owner-occupied and rental apartment homes for farm workers and their families. These funds will help farm worker families secure affordable housing. Activities funded include land acquisition, site development, construction and rehabilitation.
- $2.1 million in CalHome awards, which provide funding for low-income households to become or remain homeowners, will provide 174 homeownership opportunities. Also, CalHome assists first-time homebuyers with downpayment assistance, home rehabilitation, including the purchase and rehabilitation of manufactured homes.
HCD provides leadership, policies and programs to preserve and expand safe and affordable housing opportunities and promote strong communities for all Californians. The Department also supports increasing the supply of housing, especially affordable housing and works to improve the state’s housing conditions and the health and safety of its residents. As the lead housing department, HCD is part of the state Business, Transportation and Housing Agency.
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California Department of Housing and Community Development Deputy Director
Chris Westlake, and Director Lynn L. Jacobs
California Department of Housing and Community Development Deputy Director
Chris Westlake, and Director Lynn L. Jacobs