Golden Empire Affordable Housing, Inc., received $2,996,989 to preserve 16 units at Park Real Apartments in Kern County.Ĭommunity Support Network received $396,103 to preserve 6 units at DeTurk, a group home in Sonoma County. A third award of $19,421,950 will preserve 76 units at the Vista Verde Apartments in Santa Cruz County.ĥ169 Hollywood Boulevard received $11,217,661 to preserve 44 units at Kingswood Apartments in the County of Los Angeles. They also received $5,719,492 to preserve 21 units at Hope Villa Esperanza, which was built in 1999 in the County of Santa Clara. Mission Housing Development Corporation received $12,950,076 to preserve 49 units at Dunleavy Plaza in the County of San Francisco.Ībode Communities received $26,248,920 to preserve 144 units at Centennial Place in the County of Los Angeles.Įden Housing, Inc., received $12,075,450 to preserve 45 units at Sparks Way Commons in the County of Alameda. “These strategic reinvestments – that ensure HCD-funded properties remain livable and affordable for the foreseeable future – will offer tens of thousands of Californians the housing stability and supportive services they need to be successful in a life lived off the street.” “Keeping safe, quality, affordable homes from reverting to market rate is a key component of any strategy to address the crisis of homelessness our state is facing,” said HCD Director Gustavo Velasquez. “These awards announced today by Governor Newsom will allow affordable housing community developers to improve the quality of living and extend the life of these buildings for many more years by making critical repairs such as fire and life safety improvements to common areas and new roof installations.”īIGGER PICTURE: Preserving existing affordable homes is part of the multi-pronged strategy laid out in the California’ Statewide Housing Plan, which calls for 2.5 million new homes by 2030, with at least one million of those homes being affordable to Californians at lower income levels. “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. The program looks to extend affordability agreements by extending loan maturity dates, provide new low-interest long-term loans for rehabilitation of housing and provides forgivable loans to support short-term operating subsidies. Every Californian deserves a place to call home, and we are aggressively working to secure more affordable housing throughout the state.”ĪBOUT THE FUNDING: Today’s awards are part of the state’s Portfolio Reinvestment Program (PRP), managed by the California Department of Housing and Community Development (HCD). What Governor Newsom said: “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. Since 2022, $315.3 million has been awarded to preserve 1,364 affordable homes, assuring housing for nearly 27,000 people over the life of the developments’ affordability agreements. These investments guarantee that rents in these thousands of homes remain affordable to low-income Californians for up to 55 more years, rather than permanently transforming into market-rate units. SACRAMENTO – In an ongoing effort to preserve affordable homes for lower-income Californians priced out of the market, Governor Gavin Newsom today announced more than $159.9 million in awards to keep an additional 638 homes affordable for up to 55 more years.

Inexpensive home protector