The California Department of Housing and Community Development (HCD) released frequently asked questions for the Homekey Notice of Funding Availability (NOFA) for $600 million. The frequently asked questions include topics, like eligible applicants, application requirements and scoring, eligible costs and more.
The Governor’s Office has been working with philanthropic partners to create an additional $45 million in funding to support critical operations for Homekey projects. Building off of the State’s $50 million in General Fund contributions to Homekey that are being utilized to support the first two years of operations of Homekey projects, the philanthropic support will help extend these funds and close the gap between the number of units that will be created and the operations funding available to support those units and their occupants.
The additional funding will be included with the funds already supporting Homekey and by requesting operations subsidy assistance within the application, the applicant will be part of the pool for an allocation of either General Fund or philanthropic dollars. The details of this support are covered as part of the required Pre-Application Consultation. All applicants are still required to guarantee five years of operational funding, but with these additional dollars the state and its philanthropic partners can provide the first two years of funding for all projects.