July 26, 2005 > Fremont awarded $1.5 million for affordable housing
Fremont awarded $1.5 million for affordable housing
by Melissa Flores
The California Housing Finance Agency's (CalHFA), Housing Enabled by Local Partnerships (HELP) program has awarded Fremont Redevelopment Agency $1.5 million for the acquisition and development of affordable homeownership and multifamily rental housing units. This represents one of eight California localities, in total, awarded $11 million in low-interest loans to acquire, develop, rehabilitate, or preserve affordable rental or ownership housing.
The HELP program financing is the second $1.5 million award for the Fremont; the first commitment was awarded in June 2000. Fremont will leverage the HELP financing by pooling it with other sources of affordable housing funds. The plans include combining the HELP funds with an existing revolving acquisition and construction loan program that offers low-interest loans to developers for the production of affordable housing. Homebuyers with annual incomes ranging from $46,350 to $130,200 (depending upon household size) and renters with annual incomes ranging from $17,400 to $65,600 (depending upon household size) will benefit from this specific program.
Established in 1975, the California Housing Finance Agency is celebrating 30 years of providing affordable housing in California. CalHFA has invested over $13 billion in non-taxpayer funds to help more than 160,000 families purchase a home with a mortgage they can afford or find an affordable rental to call home. To date, HELP funding has participated in the financing of over 18,000 units of affordable housing for Californians that are most in need. More information call (800) 789-2432 or visit www.calhfa.ca.gov.