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California funds $239M for 20 affordable multifamily projects
The projects are expected to add 1,700 affordable units, with total development costs topping $1.2 billion.
ConnectCRE reports that California Gov. Gavin Newsom announced nearly $239 million in construction-gap funding for 20 affordable multifamily developments across the state.
According to the governor’s office, the selected projects used a streamlined approval process intended to keep work on track and reduce red tape.
ConnectCRE says the 20 developments collectively carry project costs of more than $1.2 billion and are expected to bring 1,700 affordable units to market.
The outlet also notes that the awards follow a April announcement by the California Department of Housing and Community Development for a Multifamily Housing Program Gap Funding Notice of Funding Availability, and that the projects have not yet secured tax-exempt bond financing or low-income tax credits.