COVID Funds to Expedite Affordable Housing

What is happening? California Governor Newsom budget includes $1.75 billion one-time Coronavirus State Fiscal Recovery Fund to shovel ready affordable housing units, which have successfully acquired HCD funding. This keeps the projects from waiting to apply for state tax credits and moves the projects along more quickly.

Why is this important? We’ve seen creative ways to expedite affordable housing, like Los Angeles considering eminent domain of hotels or existing apartments to allocate to affordable housing.

How will this be important? Streamlining affordable housing is a popular subject of the moment.

Governor Newsom Housing & Homeless Budget