On July 11, 2006, the state of California’s Department of Housing and Community Development director Lynn Jacobs with Sunne Wright McPeak, Secretary of Business, Transportation and Housing Agency announced over $210 million in Proposition 46 funds. The awards were distributed among 42 counties to provide housing opportunities for more than 11,000 of California’s families and residents. Proposition 46 is the $2.1 billion housing bond approved by voters in November 2002.
Housing affordability continues to be a problem in California, with the median price of an existing home in the state at $564,430 in May, up 8 percent from a year ago, according to the California Association of Realtors.
The real estate trade group also produces an affordability index, which measures the percentage of households that can afford to purchase a median-priced home in California. The percentage of households in California able to afford a median-priced home stood at 14 percent in December, compared with 19 percent for the same period the prior year, according to the latest statistics available at C.A.R.'s Web site.
Awards Specifically to the San Diego Region
The San Diego Region will receive more than $20 million to provide housing for 412 families. This includes over $19.5 million creating affordable apartment homes through the Multifamily Housing Program, and $500,000 in Workforce Housing Reward Program funds.
Statewide HCD program award descriptions to assist specifically the San Diego Region:
The Multifamily Housing Program and its Supportive Housing Component will provide permanent low-interest loans for the construction of new affordable apartment homes and rehabilitation of existing affordable units. Californians who make up the vital workforce that is the backbone of our economy, including seniors, the disabled, homeless and those transitioning from homelessness, are among the future residents of the homes that will be constructed or rehabilitated. The awards will help California families or individuals realize the dream of an affordable rental home.
The Workforce Housing Reward Program which provides financial incentives for issuance of building permits for new homes affordable to lower income households. California cities and counties approved 6,228 new rental homes and issued permits for 666 homeownership units for lower income families. Of the 83 local governments receiving Workforce Housing Program awards, 44 also received bonus grant funds for their significant progress in meeting their overall housing need.
Housing affordability continues to be a problem in California, with the median price of an existing home in the state at $564,430 in May, up 8 percent from a year ago, according to the California Association of Realtors. The percentage of households in California able to afford a median-priced home stood at 14 percent in December, compared with 19 percent for the same period the prior year, according to the latest statistics available at C.A.R.'s Web site. First time homebuyer programs are one of the many ways San Diegans can buy a home. A first time homebuyer is a person(s) who has not owned a home in the last three years.
About the Author: Roberta Steele, Realtor. She is with the Apex Team, at Keller Williams Realty, located in La Mesa, CA. She is also a member of National Association of Realtors, California Association of Realtors and the San Diego Association of Realtors.
For further information or assistance with your real estate needs, please contact Roberta Steele:
rsteele.yourkwagent.com/home
BuildALegacy@KW.com
619.667.8036 office/pager
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