Annual Report Annual Report - California Department of Housing ...

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Affordable Housing Innovation Program The new Affordable Housing Innovation Program, created by Chapter 552, Statutes of 2007 (SB586, Dutton), provides resources for five distinct pilot programs to demonstrate innovative, cost-saving approaches to creating or preserving affordable housing. These programs will be administered by HCD, and are scheduled to begin operation in early 2009. The pilot programs include $25 million each for the Affordable Housing Innovation Loan (AHIP-L), and Practitioner (AHIP-P) Programs, $35 million for the Local Housing Trust Fund Program (LHTF), as well as $10 million for the Innovative Homeownership Program (IHP) and $5 million for the Construction Liability Insurance Reform Pilot Program (CLRPP). Guidelines are currently being developed for the new programs, stakeholder meetings will be held throughout 2009 and awards made by the end of 2009. Regulations for the LTHF are currently undergoing review and the first NOFA was released October 24, 2008. Awards are anticipated in March 2009. Construction Liability Insurance Reform Pilot Program The program and NOFA were developed in September and stakeholder meetings will be held in January 2009. The funding will be made available as a part of the CalHome and BEGIN NOFA process in April 2009. Proposition 46: Successful Effort Concludes This Year As of June 30, 2008, HCD has invested more than $1.5 billion in Proposition 46 bond funds with hundreds of state and local, public and private organizations, to create or preserve nearly 85,000 affordable housing units. Proposition 46 was formerly the department’s largest single source for loans and grants. Another $243 million was awarded by the California Housing Finance Agency (CalHFA) to provide a wide array of mortgage assistance programs (some Proposition 46 funds were expended for administrative expenses). The remaining Proposition 46 funds, estimated at about $166 million, should be awarded in 2009. So far, these awards have helped to build, rehabilitate, preserve or facilitate through incentives, more than 101,000 affordable housing units and 10,000 shelter and dormitory beds. Hundreds of public and private organizations have used Proposition 46 funding to create or preserve affordable housing during a period when housing inflation had driven most of the remaining housing stock out of reach for lower income families. The current economic downturn may abate housing costs, but will also damage the employment and income of many thousands of additional households. 4
Emergency Housing Assistance – Capital Development Program (EHAP-CD) During 2007-08, EHAP-CD continued to provide Proposition 46 funds for the acquisition, rehabilitation, expansion, new construction, or a combination of these activities for emergency shelters, transitional shelters and safe havens throughout California. The program received a total of 50 applications requesting $37.8 million and made 40 awards for $30.7 million, creating or preserving 1,562 beds. Jobs Housing Balance/Workforce Housing Program (WFH) The program made the last of its three rounds of awards in July 2007. In total, the Department rewarded 145 jurisdictions for the approval of 22,334 units of housing affordable to very low and low income-households. The program will continue its successful efforts through the Housing Related Parks Program (Parks) funded by Proposition 1C. Other Highlights Permanent Funding Source At the direction of the Governor, HCD was asked to develop recommendations for the Administration on securing a long term funding source dedicated to financing affordable housing. The goal is to have permanent funding sources in place by 2010, when Proposition 1C funds are expected to be fully awarded. Eleven stakeholder meetings were held throughout the State from Chico to San Diego, reaching nearly 1,000 stakeholders. The Department is now in the second phase, conducting research and analysis of our stakeholder’s top recommendations for possible sources and uses. There was consensus in three areas: • Continue to fund current, successful HCD programs • The distribution should be by both state and local governments, maintaining existing government structures • There should be multiple sources of funding to ensure stability A final draft of recommendations for permanent funding sources for affordable housing programs will be submitted to the Governor’s Office in late December. Housing and Economic Recovery Act of 2008 In July, 2008 Congress passed the Housing and Economic Recovery Act of 2008 (HR 3221) that will help thousands of homeowners who are facing foreclosure and provide significant new resources to increase housing supply and affordability. 5
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Annual Report Annual Report - California Department of Housing ...

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