SACRAMENTO, CA – Governor Gray Davis today announced $10.6 million in low interest loans have been awarded to 11 city and county government agencies. The Housing Enabled by Local Partnerships (HELP) loans will provide over 1,200 units of affordable housing to low income families.
"These funds will help communities provide housing for individuals, families and senior citizens in need," Gov. Davis said.
Recipients of HELP loans include: City of Long Beach, City of East Palo Alto, Sacramento Housing and Redevelopment Agency, County of Riverside Economic Development Agency, City of Lompoc Redevelopment Agency, City of El Centro Redevelopment Agency, City of San Jose, City of Stockton, City of Fresno Housing Authority, City of Pomona and City of Riverside Redevelopment Agency.
Recipients are evaluated in six areas: affordability, cost efficiency, maximization of benefits, implementation readiness, resource impact and comprehensiveness of services/design. HELP funds must be used to directly provide affordable housing units that remain affordable for at least 10 years and are used for a variety of projects such as single family homeownership development programs and senior and multifamily rental housing. Funds may not be used for technical assistance or administrative costs.
Since inception, the California Housing Finance Agency has awarded $90 million in HELP loans to create affordable housing for Californians.
For more information visit www.calhfa.ca.gov or call 916-322-1325.
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