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Apple to Invest $2.5 Billion in New Housing in Bay Area

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SAN JOSE (CBS SF) — Declaring ‘we know the course we are on is unsustainable,’ Apple CEO Tim Cook announced a $2.5 billion investment by the high-tech giant in a plan to help ease the ever-tightening San Francisco Bay Area housing market.

The company laid out a five-point plan, including $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers and opening some Apple-owned land valued at $300 million for development.

The remaining $200 million will go toward a San Francisco housing fund and to support vulnerable populations.

In San Francisco, roughly 7,000 people are homeless. There is a shortage of affordable homes across the Bay Area, which is pushing out middle and low-income workers like teachers and restaurant employees. Critics say […]

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Affordable Housing

Newsom Visits SoCal Homeless Shelters to Listen to Those in Crisis

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KOREATOWN (CBSLA) — Gov. Gavin Newsom toured Southern California homeless shelters Tuesday as he continues to fight to add $750 million to tackle the homelessness crisis.

The governor started his day in Riverside before visiting a board and care facility in Koreatown where he listened to the stories and concerns of residents living there.

Newsom said that homelessness has increased in California by 16.4% from this time last year, a jump of just over 151,000 people — 108,000 of whom are unsheltered. He said he and other state law makers have taken action to help across the state.

“In the next few weeks, this city and […]

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Affordable Housing

A Map of All the HHH-Funded Housing Projects Slated for This Year

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Here’s a Map of All the HHH-Funded Housing Projects Slated to Open This Year

LOS ANGELES (LA Mag) — The $1.2 billion bond measure got off to a slow start, but 15 projects are set to be completed in 2020

Last week, city and county officials gathered to celebrate the grand opening of a new, 62-unit supportive housing project in South Los Angeles.

Located at the corner of 88th and Vermont in the Vermont Vista neighborhood, it was the first housing development to be build with funding from Proposition HHH, a $1.2 billion bond measure passed by Los Angeles voters more than three years ago.

The proposition, which originally promised to fund 10,000 units of supportive housing for the chronically homeless over ten years, has fallen far short of its original goals, as projects have been beset by bureaucratic delays and skyrocketing construction costs.

So far, only 118 housing projects […]

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Affordable Housing

Funding Approved for Affordable Rental Housing Projects

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LOS ANGELES — Over the past week, the Los Angeles County Board of Supervisors approved funding for 10 affordable multi-family rental housing developments (projects) selected through the No Place Like Home (NPLH) Program Notice of Funding Availability (NOFA) Round 2019-1.

The 10 projects will receive a total of $100,200,000 in NPLH funds. On April 30, 2019, the Los Angeles County Development Authority (LACDA), in partnership with the Los Angeles County Department of Mental Health (LACDMH), issued its first NPLH NOFA in the amount of $207 million.

While an initial amount of $207 million was made available, over $500 million in project funding was requested for 68 projects. After the completion of technical review, the LACDA recommended a total of 58 projects to receive funding to the LACDA’s Board of Commissioners, which will increase the County’s supply of affordable supportive housing by 3,600 units.

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