California announced a $1.75 Housing Accelerator, which will provide funding to shovel ready projects in lieu of tax credit equity. In all, funding will support 90 projects, producing between 6,300 and 7,200 units of affordable low-income housing statewide. Of this amount, approximately 1,200 units will be targeted to individuals and families experiencing homelessness. The Department of Housing and Community Development (HCD) published a project solicitation and guidelines document that will serve as the guiding document for the implementation of the California Housing Accelerator. To ensure effective implementation, the program will include a dedicated strike team for outreach and application reviews, as well as a streamlined application and review timeframe to move from application to award within 60 days. Applications received will be evaluated for threshold criteria, such as ensuring projects proceed to construction within 180 days of awarded funds.
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