$9 Billion for Housing Programs

Governor Gray Davis announced two important housing initiatives that will lead to homes for at least 64,000 families by 2005. California Housing Finance Agency (CHFA) has adopted an aggressive $8.8 billion, five-year business plan to provide loans for 64,000 homes and apartment units for working families, the elderly, and those with special needs. A component of the plan is the immediate funding of $10.3 million to 10 local agencies in an innovative state/local partnership that will create nearly 600 affordable housing units. "To sustain our remarkable economic growth, California must increase the supply of affordable housing for working families," Governor Davis said. "CHFA’s Business Plan will provide much needed affordable home loans and financing of rental units for low and moderate income families."