It seems that the California Housing Finance Agency is in the news a lot these days. Last week they received an extra $476 million from the federal government to help unemployed homeowners keep those homes while looking for work. Now they’ve announced that they’ve closed theirs first bond issuance under a new bond program that will allow the state to build affordable housing communities for those in need.
In working with the U.S. Treasury, which gave them $380 million, the CHFA will work on building different types of affordable housing communities throughout the state. Their first project will be a senior living community that’s being called The Belovida at Newbury Park, which will contain 185 units in San Jose. There are plans for 14 communities to be built under this plan.
It’s about time that the most populous state in the union and one of the hardest hit by the housing crisis is finally getting some real assistance from the federal government. Although the state has to find a way to address some of its financial issues, the building of these 14 communities will create jobs that should help the state reduce its unemployment rate and hopefully will spark the housing industry back to going in the right direction.
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Mitch writes on real estate, finance, and many other things.