California Awards $239M in Gap Funding to 20 Affordable Projects
Gov. Gavin Newsom announced nearly $239 million in construction-gap funding for 20 affordable multifamily developments across California. The projects underwent a streamlined approval process to keep development on track and cut red tape, according to the governor’s office.
With project costs totaling more than $1.2 billion, the development will bring 1,700 affordable units to market. The awards follow April’s announcement from the California Department of Housing and Community Development (HCD) for a Multifamily Housing Program Gap Funding Notice of Funding Availability. The projects awarded have not yet received tax-exempt bond financing or low-income tax credits.
“This innovative funding solution directly confronts cost challenges that have stalled critically needed affordable housing communities in California,” said HCD Director Gustavo Velasquez. “I am tremendously proud that our team could use the streamlined processes we have developed to make these projects whole so quickly.”
Pictured: Eden Housing’s Downtown Livermore Apartments, one of the 20 projects selected for gap funding.
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