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Home Community The California Department of Housing and Community Development Announces $55 Million in...

The California Department of Housing and Community Development Announces $55 Million in awards for mortgage assistance and rehabilitation loans.

 

Sacramento –The Department of Housing and Community Development (HCD) today announced awards from the CalHome General Program totaling more than $55 million. HCD will allocate the awards for first time homebuyer mortgage assistance loans and owner occupied rehabilitation loans.

 

Fifty-two different local governments and non-profit housing organizations will receive funding throughout the State. A detailed listing of the award recipients and the amounts of those awards are attached to this press release, below.

“Today’s CalHOME awards will allow many low income Californians to achieve and maintain homeownership within their communities,” said HCD Director Linn Warren.

 

Localities or nonprofit organizations that receive CalHome awards will in turn make deferred-payment or forgivable loans available to individual homeowners or homebuyers. The awards will fund the following homeowner activities:

 

·         Mortgage assistance for low or very low income first-time homebuyers

·         Owner-occupied rehabilitation for low or very low income homeowners

 

In 2006, California voters approved Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006. Prop 1C extended HCD’s existing CalHome Program. The intent of the CalHome Program is to increase homeownership, encourage neighborhood revitalization and sustainable development, and maximize use of existing homes.

 

HCD provides leadership, policies, and programs to preserve and expand safe and affordable housing opportunities and promote strong communities for all Californians. The Department also supports increasing the supply of housing, especially affordable housing and works to improve the state’s housing conditions and the health and safety of its residents. HCD is California’s lead housing department, and is part of the state Business, Transportation and Housing Agency.

 

A listing of the awarded applicants is attached.

 

For further information, please contact:  cparent@hcd.ca.gov

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