Press Release

California Housing Finance Agency's HELP Program Awards City of Richmond $1 Million for Affordable Housing

July 15, 2004

SACRAMENTO, CA – The California Housing Finance Agency's (CalHFA), Housing Enabled by Local Partnerships (HELP) program has awarded the Redevelopment Agency of the City of Richmond (RDA) $1 million to fund the production of affordable ownership and rental housing projects. This represents one of 11 California localities, in total, awarded $11.99 million in low-interest loans to acquire, develop, rehabilitate, or preserve affordable rental or ownership housing.

The HELP Program financing will be leveraged by pooling it with the RDA's other sources of affordable housing funds. The RDA plans to utilize the funds by offering low-interest loans to developers for the development of affordable housing for low income residents.

"The partnership between CalHFA and the Redevelopment Agency of the City of Richmond will benefit this community by providing safe, decent and affordable housing to those most in need," said Theresa Parker, CalHFA Executive Director. "The people of CalHFA believe in the value of this type of partnership which is why the HELP program has partnered with over 90 local government entities to fund $120 million in affordable housing projects since 1999."

The HELP program is designed to foster partnerships between CalHFA and local government entities to address unmet affordable housing needs as determined by each participating locality. CalHFA uses a competitive process to award ten-year loans at a three percent interest rate. CalHFA through the HELP program offers two funding cycles of $10 million in the fall and spring of each year. Recipients of the semi-annual award are evaluated on six criteria: affordability, cost efficiency, maximization of benefits, implementation readiness, resource impact and comprehensiveness of program design.

CalHFA, the State's affordable housing bank, was chartered in 1975 to meet the housing needs of low and moderate income Californians. HELP's funding commitments to date will help to finance over 18,000 units of affordable housing for Californians that are most in need. More information on the HELP program and the full complement of CalHFA programs is available at 1.800.798.2432 or www.calhfa.ca.gov.

Contact: Melissa Flores
Phone: 916.324.4647
Fax: 916.322.2345

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