Governor Gavin Newsom announced more than $923 million in awards for affordable housing projects across California as part of the California Housing Accelerator.
That is a $1.75 billion investment to provide bridge funding to shovel-ready projects that were otherwise unable to begin construction because of a shortage of federal tax credits and bonds.
“We’re building more housing for people at risk of homelessness to prevent folks from ending up on the streets, and we’re doing it faster than ever before,” said Governor Newsom.
“We’re getting shovels in the ground in a matter of months, creating thousands of new affordable homes for people at the economic margins who need these new units the most.”
In total, 27 statewide projects have been approved to date, with nearly all of the projects expected to break ground this summer.
When fully completed, the projects will create 2,300 housing units, 500 of which are for those experiencing homelessness.
The Housing Accelerator prioritizes projects for those experiencing homelessness and for those below 30 percent of the Area Median Income. A full list of awardees can be found here.
HCD is finalizing the project solicitation and guidelines for the next round of the California Housing Accelerator, which will be released in mid-February.
The next round of the California Housing Accelerator will be a competitive process for previously HCD-awarded 4 percent tax credit projects and the program will include regional allocations to ensure a broad geographic distribution of Accelerator funds.
Projects will be rated based on four primary policy objectives: efficient use of Accelerator funds; age of HCD award; targeting of special needs populations; and climate change mitigation based on proximity to transit.
Additionally, applications received will be evaluated for threshold criteria, such as ensuring projects proceed to construction within 180 days of awarded funds. For the next phase of projects, an additional $735 million is available. ■