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$159.9 million to keep Californians sheltered in 638 affordable homes

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(The Center Square) – In a Point in Time survey conducted last December, California was shown to have the highest rate of homelessness with 44 of every 10,000 residents homeless in the state. With 115,491 unsheltered people living in the state, it accounted for half of all unsheltered people in the nation, more than 9 times Washington state, the second place finisher.

Now the state is ensuring strong measures are taken to keep people in their homes and preserve affordability for Californians with lower incomes.

About $160 million in government awards for Housing Community Development (HCD)-assisted projects was announced by the Office of the Governor on July 7.

The funds keep 638 homes affordable through the state’s Portfolio Reinvestment Program (PRP) for homes whose HCD affordability restrictions are expiring on or before December 31, 2032, or have already expired. Homes with affordable agreements which have expired and not been removed from the project, or have been foreclosed on by the Department or another public lender will also benefit from the fund to keep families in their homes.

PRP preserves the affordability of these dwellings “by extending and restructuring affordability agreements; extending loan maturity dates; providing new low-interest long-term loans for rehabilitation; and providing forgivable loans to capitalize short-term operating subsidies.”

By proactively extending agreements and loans, and providing forgivable loans to these projects, rents for thousands of low-income Californians remain affordable for up to 55 years, and delays permanent conversion to market-rate for thousands of units which are out of reach for many of its residents.

California’ Statewide Housing Plan, aims to have at least 1 million affordable homes for lower income residents by 2030, with 2.5 million homes built every 8 years to keep pace with general demand for housing. PRP plays a critical part to keep people in their homes while new affordable housing is being built. Of the 2.5 million carded for construction, 1 million units are expected to be affordable.

“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.

Project awardees include:

Mission Housing Development Corporation of San Francisco received, $12,950,076 to preserve 49 units at Dunleavy Plaza at $264,287 each.

Abode Communities of Los Angeles received, $26,248,920 to preserve 144 units at Centennial Place at $182,284 each.

Eden Housing, Inc. received, $12,075,450 to preserve 45 units at Sparks Way Commons, Alameda at $268,343 each, $5,719,492 to preserve 21 units at Hope Villa Esperanza, Santa Clara at $272,357 each $19,421,950 to preserve 76 units at Vista Verde Apartments, Santa Cruz at $255,552 each.

5169 Hollywood Boulevard received, $11,217,661 to preserve 44 units at Kingswood Apartments, Los Angeles at $254,947 each.

Golden Empire Affordable Housing, Inc., received, $2,996,989 to preserve 16 units at Park Real Apartments, Kern $187,312 each.

Community Support Network received, $396,103 to preserve 6 units at DeTurk, Sonoma at $66,017 each.

Lutheran Social Services of Northern California received, $4,520,577 to preserve 24 units, San Jaoquin at $188,357 each.

Chinatown Community Development Center, Inc., received, $9,821,259 to preserve 82 units at Clayton Hotel, San Francisco at $119, 771 each and $9,976,420 to preserve 41 units at St. Claire Residence, San Francisco at $243,327 each.

The John Stewart Company received, $44,621,770 to preserve 90 units at The Sequoia, Sacramento at $495,797 each.

“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.” Newsom stated.

The affordability of homes for nearly 27,000 people have been assured over the life of the developments’ affordability agreements since 2022, with $315.3 million in awards to preserve 1,364 affordable residents so far.

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

“Every Californian deserves a place to call home, and we are aggressively working to secure more affordable housing throughout the state,” Newsom stated.

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