California: Governor Newsom Announces $567 Million for New Affordable Housing
The Californer/10241141

SACRAMENTO ~ Governor Gavin Newsom today announced that $567 million is now available statewide to build much-needed multifamily affordable housing. This is part of the California Department of Housing and Community Development's second round of funding under a streamlined, combined application across four programs which have to date provided over $1.3 billion to expand affordable, climate-smart, multifamily housing in California.

Increasing and preserving California's housing supply, including affordable housing, is a top priority for Governor Newsom. The Governor recently signed over 70 housing-related bills and 20 CEQA reform bills to cut red tape and get more housing built, faster. Since taking office, the Newsom Administration has invested $30 billion in housing-related programs with the goal of planning for 2.5 million new homes by 2030, with at least one million of those homes being affordable housing – as required by state law.

The first round of Multifamily Finance Super Notice of Funding Availability (Super NOFA) awards announced in February totaled more than $825 million and launched the development of 9,550 homes in 58 communities across California.

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In a statement on the announcement Governor Newsom said: "Despite challenging economic conditions, California is keeping our commitment to spur the development of needed housing in all 58 counties. We'll continue to provide major funding and resources, coupled with strict accountability measures, to tackle the housing shortage that threatens California's growth and long-term prosperity."

The California Department of Housing and Community Development (HCD) is working to reduce barriers that constrain the growth of much-needed multifamily housing by making it easier for developers to apply to four different funding programs in a single application through the Super NOFA. Business, Consumer Services and Housing Agency Secretary Lourdes Castro Ramírez said: "Governor Newsom has been resolute in addressing a housing supply deficit that has been decades in the making, and this new funding will lead to the construction of thousands of climate-friendly homes near economic opportunities."

HCD Director Gustavo Velasquez added: "HCD continues to innovate and collaborate with stakeholders to build more affordable housing faster. This announcement of over $500 million to build multifamily affordable housing demonstrates our commitment to supporting cities and counties in meeting their affordable housing requirements."

The Round 2 Super NOFA application portal opens June 1st with applications due by July 12th at 4:00 p.m PST. Round 2 Super NOFA award announcements are anticipated in Winter 2023.

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