California has committed more than $414 million to 30 affordable housing projects statewide. The projects, spanning 16 counties, will add 2,099 homes, with the majority reserved for low-to extremely low-income households.
The awards are part of a financing process created in 2020 that allows developers to apply to four separate housing programs through a single application. The four categories are multifamily, farmworker, infill infrastructure and veteran housing. The goal is to cut delays that increase costs and to move projects from planning to construction more quickly.
The largest grants this year are in the Multifamily Housing Program, which is allocating $244.1 million to construct 769 units. The Farmworker Housing Grant is awarding $128.9 million for 345 units. The Infill Infrastructure Grant Program is allotting $28.5 million to support 553 units, many for seniors, large families, and residents with special needs. The Veterans Housing and Homelessness Prevention Program is spending $12.7 million to create 87 veteran homes.
Although these funds have already been committed, the state continues to review more than $2 billion in applications for its Homekey+ initiative, a state program funds more affordable housing for veterans and persons with behavioral health issues. This taxpayer supported initiative holds additional opportunities for developers seeking future funding. Since the program began, California has directed about $1.6 billion into 12,676 affordable homes statewide, which suggests continuing prospects for public-private partnerships and long-term demand for affordable housing projects.
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