California is investing $159.9 million to keep 638 homes affordable for up to 55 more years rather than risk having them convert into market-rate units.
The awards are part of the state’s Portfolio Reinvestment Program managed by the state Department of Housing and Community Development. The program looks to extend affordability agreements by extending loan maturity dates, provide new low-interest long-term loans for rehabilitation of housing, and offer forgivable loans to support short-term operating subsidies.
“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,” said Gov. Gavin Newsom. “Every Californian deserves a place to call home, and we are aggressively working to secure more affordable housing throughout the state.”
In the latest funding round, awardees include:
· Mission Housing Development Corp. received $12,950,076 to preserve 49 units at Dunleavy Plaza in San Francisco County;
· Abode Communities received $26,248,920 to preserve 144 units at Centennial Place in Los Angeles County;
· Eden Housing received $12,075,450 to preserve 45 units at Sparks Way Commons in Alameda County. The nonprofit also received $5,719,492 to preserve 21 units at Hope Villa Esperanza in Santa Clara County. 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 Los Angeles County;
· Golden Empire Affordable Housing received $2,996,989 to preserve 16 units at Park Real Apartments in Kern County;
· Community Support Network received $396,103 to preserve six units at DeTurk, a group home in Sonoma County;
· Lutheran Social Services of Northern California received $4,520,577 to aid in the rehabilitation of three projects to preserve 24 units in San Joaquin County;
· Chinatown Community Development Center 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 San Francisco; and
· The John Stewart Co. received $44,621,770 to preserve 90 units at The Sequoia in Sacramento.
Since 2022, $315.3 million has been awarded to preserve 1,364 affordable homes, ensuring housing for nearly 27,000 people over the life of the developments’ affordability agreements, reported state officials.
Additional funding is still being offered with a notice of availability set to be released in early fall. For more information, visit Portfolio Reinvestment Program (PRP) California Department of Housing and Community Development.
