California Construction News staff writer
Gov. Gavin Newsom has announced more than $159.9 million in awards to keep 638 homes affordable for up to 55 more years. Since 2022, $315.3 million has been awarded to preserve 1,364 affordable homes.
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.
The Portfolio Reinvestment Program (PRP) 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.
Awards include:
- Mission Housing Development Corporation received $13 million to preserve 49 units at Dunleavy Plaza in the County of San Francisco.
- Abode Communities received $26.2 million to preserve 144 units at Centennial Place in the County of Los Angeles.
- Eden Housing, Inc., received $12 million to preserve 45 units at Sparks Way Commons in the County of Alameda, $5.7 million to preserve 21 units at Hope Villa Esperanza, which was built in 1999 in the County of Santa Clara and $19.4 million for76 units at the Vista Verde Apartments in Santa Cruz County.
- 5169 Hollywood Boulevard received $11.2 million to preserve 44 units at Kingswood Apartments in the County of Los Angeles.
- Golden Empire Affordable Housing, Inc., received $3 million to preserve 16 units at Park Real Apartments in Kern County.
- Community Support Network received $396,103 to preserve six units at DeTurk, a group home in Sonoma County.
- Lutheran Social Services of Northern California received a total award amount of $4.5 million for three projects to preserve 24 units all located in the County of San Joaquin.
- Chinatown Community Development Center, Inc., received $9.8 million to preserve 82 units at Clayton Hotel and $10 million for 41 units at St. Claire Residence, both in the City of San Francisco.
- The John Stewart Company received $44.6 million to preserve 90 units at The Sequoia in the City of Sacramento.
Additional funding is still being offered with a notice of availability set to be released in early fall of this year. For more information click here.
