California Helps Preserve Affordability of More Than 600 Homes

By: lihtcbonds.com | July 12, 2023

LOS ANGELES July 12^th, 2023 – California is investing $159.9 million to keep 638 homes affordable for up to 55 more years rather than risk having them convert into market-rate units.

The awards are part of the state’s Portfolio Reinvestment Program managed by the state Department of Housing and Community Development. The program looks to extend affordability agreements by extending loan maturity dates, provide new low-interest long-term loans for rehabilitation of housing, and offer forgivable loans to support short-term operating subsidies.

In the latest funding round, awardees include:

San Francisco County:

• Mission Housing Development Corp. received $12,950,076 to preserve 49 units at Dunleavy Plaza   
• Chinatown Community Development Center received $9,821,259 to preserve 82 units at Clayton Hotel and $9,976,420 to preserve 41 units at St. Claire Residence.

Los Angeles County:

• Abode Communities received $26,248,920 to preserve 144 units at Centennial  
• 5169 Hollywood Boulevard received $11,217,661 to preserve 44 units at Kingswood Apartments 

Santa Cruz County:

• Eden Housing received $12,075,450 to preserve 45 units at Sparks Way Commons in Alameda County. The nonprofit also received $5,719,492 to preserve 21 units at Hope Villa Esperanza.  A third award of $19,421,950 will preserve 76 units at the Vista Verde Apartments  

Kern County:

• Golden Empire Affordable Housing received $2,996,989 to preserve 16 units at Park Real Apartments

Sonoma County:

• Community Support Network received $396,103 to preserve six units at DeTurk.   

San Joaquin County:

• Lutheran Social Services of Northern California received $4,520,577 to aid in the rehabilitation of three projects to preserve 24 units
• The John Stewart Co. received $44,621,770 to preserve 90 units at The Sequoia in Sacramento.

Since 2022, $315.3 million has been awarded to preserve 1,364 affordable homes, ensuring housing for nearly 27,000 people over the life of the developments’ affordability agreements, according to state officials.

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