This week the California Department of Housing and Community Development announced more than $40 million in awards to RCRC counties for the permanent financing of affordable multifamily rental and transitional new construction, acquisition, rehabilitation, and conversion housing developments for lower-income households. This funding is part of the latest round of Multifamily Housing Program awards, totaling over $205 million in Round 3. A complete list of awardees can be found here.
The Multifamily Housing Program is funded by the Veterans and Affordable Housing Bond Act of 2018, which was adopted by voters on November 6, 2018, (Proposition 1) and authorized the issuance of bonds in the amount of $4 billion under the State General Obligation Bond Law.