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June 7, 2024 - SACRAMENTO, CA. - The California Department of Housing and Community Development (HCD) on Thursday announced awarding federal funds to create 1,284 new affordable rental homes for extremely low-income Californians in 18 projects across the state.

Through the National Housing Trust Fund (NHTF) Program, the U.S. Department of Housing and Urban Development (HUD) allocates funds to states for new construction or rehabilitation of safe, affordable housing, with an emphasis on permanent supportive homes for those experiencing or at risk of homeless. HCD administers NHTF in California, making awards in the form of a deferred-payment or forgivable loan, or grants in the case of projects on Native American Lands.

“I’m proud to see National Housing Trust Fund dollars at work in the State of California,” said HUD’s Deputy Assistant Secretary for Grant Programs, Claudia Monterrosa. “We are excited to see the impact of these funds across the state as communities increase the supply of permanent affordable housing for extremely low-income individuals and families in partnership with the California Department of Housing and Community Development.”

“This demonstrated commitment from the Biden Administration to house Californians at the lowest income levels—along with our amazing working relationship with HUD—are vital to addressing the crisis of housing affordability facing our great state,” said HCD Director Gustavo Velasquez. “These loans and grants will allow us to provide generational stability for people most in need, providing them the foundation from which to pursue dreams and goals that may once have seemed unattainable.”

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In total, the $185 million in federal NHTF awards announced today will fund 1,284 new affordable homes across California, with 764 of those reserved for extremely low-income residents—defined as those earning up to 30% of Area Median Income.

Most properties funded by NHTF are bound to a 55-year affordability covenant, meaning these homes will support generations of families. For NHTF projects on Native American Lands, the affordability covenant is for 50 years.

Visit HCD online to learn more about the National Housing Trust Fund Program and today’s awarded projects.
Source: CA. HCD