Newsom Awards $790M for Calif. Affordable Housing Development
By Greg Cornfield August 26, 2024 3:25 pm
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The State of California is using nearly $790 million to build thousands of affordable housing units and sustainable development, Gov. Gavin Newsom’s office announced Friday.
The new funds will be used to build 2,483 rent-restricted homes in 24 affordable housing projects as well as other initiatives such as public transit, bike paths and pedestrian walkways. Several of the developments are in Los Angeles County, as well as in San Bernardino, Oxnard, San Diego, Oceanside, San Francisco, San Jose, Sacramento, Oakland, Berkeley, Walnut Creek, El Cerrito, Healdsburg, Hemet, King City, Livingston and Red Bluff.
The latest funds come from the eighth, and third-largest, round of grants for the Affordable Housing and Sustainable Communities program, a state initiative that focuses on housing and transportation projects close to jobs, schools and other daily destinations to help reduce greenhouse gas emissions.
The latest projects will also support the purchase of 52 new zero-emission transit vehicles, installation of approximately 100 new bus shelters, construction of approximately 60 miles of bikeways, as well as repair and construction of more than 60 miles of sidewalks to create what Newsom’s office described as safe, accessible walkways.
“We cannot solve the homelessness crisis without creating new affordable homes,” Newsom said in a statement. “We’re reinvesting more than three-quarters of a billion dollars generated through cap-and-trade funding to build thriving and affordable communities for California families. By creating livable communities with sustainable transportation options, we can meet both our state’s climate targets and our goal of providing affordable housing for every Californian.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
