News + Events

Article - October 22, 2021

A Win for Affordable Housing!

It has been an exciting several months for affordable housing developers and developments in California! In May, we received fantastic news from Governor Gavin Newsom. In Governor Newsom’s revision to the 2021-22 state budget, he addressed homelessness and increased funding for affordable housing. 

This announcement was a massive win for our clients and people in California who deserve an affordable place to live and thrive. Governor Newsom’s revised budget included an additional $1.75 billion in Housing and Community Development (HCD) grants for shovel-ready developments. A “shovel ready” development is a project that is essentially ready to go! It has been designed, planned, and a general contractor has been selected; they just need the funding to come through to begin construction. 

Here is some additional information on what was included in the budget revision: 

• $300 million for the preservation of HCD-funded projects. $500 million to HCD for implementation grants. 

• $500 million to continue our state’s investments in the low-income housing tax credits: This will allow our state to continue to build desperately needed affordable homes throughout California. 

• $4 billion for affordable student housing. 

In September, we were honored to host an exciting event with City Supervisors, MidPen Housing Corporation, and more at Foon Lok West (Parcel A1) in Oakland! The event discussed Gov. Gavin Newsom’s revised state budget and detailed how this money will affect the backlog of shovel-ready affordable housing developments. We look forward to keeping the push for more affordable housing going and congratulate our amazing non-profit clients and developers on their essential work of making housing accessible for all. To learn more, view Governor Newsom’s revised budget here.