California Awards $239M in Gap Funding to 20 Affordable Projects

Gov. Gavin Newsom announced nearly $239 million in construction-gap funding for 20 affordable multifamily developments across California. The projects underwent a streamlined approval process to keep development on track and cut red tape, according to the governor’s office.

With project costs totaling more than $1.2 billion, the development will bring 1,700 affordable units to market. The awards follow April’s announcement from the California Department of Housing and Community Development (HCD) for a Multifamily Housing Program Gap Funding Notice of Funding Availability. The projects awarded have not yet received tax-exempt bond financing or low-income tax credits.

“This innovative funding solution directly confronts cost challenges that have stalled critically needed affordable housing communities in California,” said HCD Director Gustavo Velasquez. “I am tremendously proud that our team could use the streamlined processes we have developed to make these projects whole so quickly.”

Pictured: Eden Housing’s Downtown Livermore Apartments, one of the 20 projects selected for gap funding.

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California Department of Housing and Community Development

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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