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

Financial Assistance Highlights
Loans and Grants Awarded
During 2007-08, HCD awarded 760 loans and grants totaling over $966 million - a new
high - to city and county government agencies, nonprofit developers and service
providers, for-profit developers and small businesses. The awards provide funding to
build or rehabilitate affordable housing, transitional and emergency shelters and
infrastructure, and to strengthen communities through economic development
opportunities.
Sources of Funds
HCD awards during 2007-08 were made from the following fund sources:
Funding Source
Total Awards
State bond funds – Proposition 46 and Proposition 1C $776,281,035
Federal funds $170,985,423
State General Funds (EHAP, OMS) $13,070,931
Revolving funds (MPROP, PDLP) $6,630,000
Total $966,967,389
The largest source of funds for 2007-08 was the State General Obligation Bond
authorized by Proposition 1C. More information about this and other measures can be
found in the HCD Financial Assistance Program Directory located at:
http://www.hcd.ca.gov/fa/LG_program_directory.pdf
More detail on Proposition 1C is found in the Financial Assistance Highlights Section of
this report and on the Bond Accountability website at:
Projected Production
http://www.bondaccountability.hcd.ca.gov.
2007-08 loans and grants were projected to produce or contribute to the following
results, among many others:
• 29,142…..Total rental and owner-occupied homes produced, rehabilitated or
incentivized.
• 18,620…..Total housing units assisted (including some but not all of the
categories below)
• 1,229……Housing units rehabilitated
• 15,161…..New housing units built
• 272………Lower income owner-builder households assisted
• 959………Existing subsidized housing units preserved from loss or conversion to
market rent
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