Affordable Housing in California has been in the news quite a bit this week.
First, on Tuesday, it was announced that NSP2 funds would be available in San Jose. San Jose, right in my own backyard, received a $5.6 million award last year. On Tuesday, City Council members announced San Jose will receive an addition $25 million in NSP2 funding to be used on renovations to more foreclosed homes and loan assistance to low- and moderate-income residents. In addition, $6.25 million has been earmarked to develop additional affordable housing for very-low-income residents.
Secondly, on Wednesday, news was release about California’s Golden State Acquisition Fund to make financing more readily available for affordable housing developers in CA. Though the bond issuance was passed in 2006, guidelines for the Golden State Acquisition Fund were just released in July. Through the fund, Project Loans will be made to developers who have viable plans for acquiring, developing and/or preserving affordable housing.
Thirdly, in today’s news, neighboring CA county, Humboldt County, got approval for a it’s housing plan. This opens the door to get approval for it’s $3.5mm affordable housing proposal.
Lots happening in the affordable housing world, and more than usual out in my neck of the woods, sunny California. I’m interested to see what continues to develop.