California Allocates $126 Million for Homeownership and Neighborhood Revitalization

SACRAMENTO—The Department of Housing and Community Development (HCD) has unveiled over $126 million in funding to boost homeownership opportunities, spur neighborhood revitalization, and promote sustainable development across 23 California counties.

In a series of 38 awards through the CalHome program, these funds will support homeownership initiatives tailored for low- and very low-income households, spearheaded by local government agencies, tribes, and nonprofit organizations.

Director Gustavo Velasquez emphasized the significance of homeownership, stating, “Becoming a homeowner is one of the surest ways to gain housing security and build generational wealth. CalHome presents a tremendous opportunity to make homeownership possible for people who never thought it would be attainable, strengthening both families and communities.”

This announcement follows the January revelation of the Homeownership Super Notice of Funding Availability (HOSN), totaling approximately $170 million. Of this, $135 million is allocated to the CalHome Program, with an additional $35 million designated for the Joe Serna, Jr. Farmworker Housing Grant Program – Homeownership.
The CalHome program extends grants and loans for various initiatives, including first-time homebuyer mortgage assistance programs, owner-occupied rehabilitation programs, homeownership development projects, self-help technical assistance projects, and accessory dwelling unit (ADU)/junior ADU programs.

The awards go to local government agencies, tribes, and nonprofit organizations, which then play a pivotal role in assisting individuals within their communities.