$45 Million in Proposition 46 Funds Now Available to Preserve California's Affordable Rental Units.News Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--March 25, 2003 As part of its ongoing mission to preserve affordable rental housing throughout the State, the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Housing Finance Agency (CalHFA) today announced that applications for $45 million in Preservation Acquisition Funds are now being accepted on an ongoing basis. The Preservation Acquisition Fund is made possible through Proposition 46 -- the Housing and Emergency Shelter Emergency shelters are places for people to live temporarily when they can't live in their previous residence, similar to homeless shelters. The main difference is that an emergency shelter typically specializes in people fleeing a specific type of situation, such as battered Trust Act of 2002. The $45 million will be made available in the form of very low interest loans that cover up to 100% of the acquisition costs to preserve affordable rental developments. The higher acquisition loan amounts will be a significant increase over existing loans, which at 70%-80% of project acquisition costs are generally insufficient to preserve these valuable housing resources. "When affordable developments convert to market rate rental projects, seniors, individuals and families-in-need are often displaced displaced see displacement. " says Terri People with the name Terri include:
Applications will be available to qualifying non-profits, for-profits and public agency sponsors for existing multifamily developments with priority given to those housing projects where assistance will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. within two years. Second priority will be given to projects that will expire within five years. Existing projects that are eligible for the program must be currently receiving federal assistance as defined by State law. Since all loans, plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , are due and payable within two years, funds will be recycled quickly into additional projects. CalHFA -- the State's affordable housing bank - was chartered 27 years ago to assist Californians to achieve the dream of safe, affordable and decent housing. For more details on Preservation Acquisition Financing, please contact Laura Whittall-Scherfee, Multifamily Programs Chief at 916.327.2588. Information on the full complement of CalHFA programs can be obtained by calling 800/323-8718 or visiting the web site at www.calhfa.ca.gov. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion