Pre-Development Acquisition Financing

Brief: Public Agencies may provide financial support to secure or facilitate new developments that include crucial workforce housing components.

Description: State or regionally derived funding may be distributed to local municipalities to support development of affordable units or other workforce housing products. The funding may be put directly to construction of the units or used as in incentive to overall development or land acquisition.

Examples:
Help Program, State of CA
Through the Housing Enabled by Local Partnerships (HELP) Program, the California State Housing Finance Agency (CalHFA) provides local governments with an unsecured 10-year loan, at a 3.5 percent interest rate, which they can use to meet locally determined priorities for affordable homes. Established in 1998, the HELP Program has provided about $160 million in funding to support the development of more than 19,000 affordable rental and owner-occupied homes statewide.


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