Funding Resources for Housing

Funded by the California Tax Credit Allocation Committee (CTCAC).

CTCAC

Affordable housing developers can apply for Low Income Housing Tax Credits (LIHTC) of 4% and 9%. Funds are available for new construction and rehabilitation projects with 55-year deed restrictions. Applications are due twice per year in April and August. $98 M was available in the last founding round.

Funded by California Housing and Community Development Department (HCD).

Homekey | California Department of Housing and Community Development

Serves local governments, housing authorities and tribal governments. The fund provides financing for development of hotels, motels, hostels, single-family homes, multi-family apartments, adult residential facilities, and manufactured housing and funding to convert commercial properties to permanent or interim housing for the target population. Deadline was July 28, 2023 for Round 3. $736 M in funding cycle 3.

Local Housing Trust Fund (LHTF) Program | California Department of Housing and Community Development

$53 Million in 2023 cycle. available funding for local, regional, and tribal housing trust funds. Applications are due once per year in May. Funds predevelopment, acquisition and other costs associated with development or rehabilitation of affordable rental housing projects, including emergency shelters, permanent supportive housing, transitional housing, affordable homeownership programs or units within a homeownership project; construction, repair, and reconstruction or rehabilitation of accessory dwelling units (ADUs) or junior accessory dwelling units (JADUs).

Funded by the California Office of Planning and Research.

Integrated Climate Adaptation and Resiliency Program (ICARP) - Office of Planning and Research

Local entities are eligible for funds for capacity-building, implementation of state or local adaptation strategies or planning documents that address climate risk. $8.8 million is available for Round 1 and applications are due in September 2023. Awards range from $800,000 to $3M.

Funded by HCD.

goldenstate-fund.com

Funding is available to nonprofit and for-profit corporations, cities, counties, joint ventures in the form of loans to developers for acquisition or preservation of affordable housing. Ongoing application deadline. $93M available. Loans are up to 5 years and up to $13.95 million.

Funded by the California Strategic Growth Council,

Affordable Housing and Sustainable Communities (AHSC) – Strategic Growth Council (ca.gov)

Provides annual funding rounds. Projects must be related to new construction or renovation of affordable housing and include sustainable transportation infrastructure such as new transit vehicles, sidewalks, bikeways, bus shelters, benches, shade trees, etc. Partnerships between developers and local governments are encouraged.  70% of funds are invested in disadvantaged communities.

Funded by the HUD through the County of San Mateo (for Foster City and other San Mateo County jurisdictions with populations of less than 50,00 through a sharing agreement.

download (smcgov.org)  I (smcgov.org)

The City of Foster City participates in a sharing agreement with the County of San Mateo to access Community Development Block Grant funding. CDBG funds cover a variety of services and activities related to housing, including minor home repair programs, fair housing programs, and rapid re-housing programs. Funding applications must be made through the NOFA process that takes place starting in February each year with allocations announced in April or May each year and applications must benefit low, very low, and extremely low-income persons. Funding is for two years and a minimum of $25,000.  Funding priorities for include housing development and housing repair and modification programs (50% of funding must be for supportive housing serving special needs), public services and programs, and community and economic development. Approximately $2 million is available for San Mateo County jurisdictions. Applications are due in January each year. 

For Housing Rehabilitation programs, typical activities funded included interior and exterior paint, door and window replacement, water heater/furnace repair or replacement, and removal of architectural barriers.

This program is managed by the State of California’s Housing and Community Development Department and administered through the County of San Mateo.

Permanent Local Housing Allocation (PLHA) | California Department of Housing and Community Development

PLHA provides funding to local government in California for housing-related projects and programs that assist in addressing the unmet housing needs of their local communities. Funding helps cities and counties increase the supply of housing for households at or below 60% of Area Median Income; increase assistance to affordable owner-occupied workforce housing; assists persons experiencing or at risk of homelessness; facilitates housing affordability, particularly for lower-and moderate-income households; promotes projects and programs to meet the local government’s unmet share of regional housing needs allocation (RHNA), and ensures geographic equity in the distribution of funds.

The City of Foster City has used PLHA funds to assist with early relocation and emergency rent subsidies for residents of Foster’s Landing who were or will be displaced by the expiration of the below market rate covenant for the property.

Funded by the County of San Mateo

Measure K is a half-cent sales tax fund for local needs with affordable housing for seniors, veterans, those with disabilities, and families as high priority. The Board of Supervisors is not soliciting applications at this time. $110 Million for FY 2023-2024. Allocation for each year is in March. Nearly all funds are for existing and new board priorities. 25% of funding in the last 10 years has gone to affordable housing and homelessness efforts. Foster City is in District 2, represented by Noelia Corzo. Learn more about Measure K here.