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:
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.
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