Groups Combine to Address California Housing Shortage

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This seems to be a good approach for solving a local problem with local sources (except for the U.S. Treasury. How is it that they feel a need to get involved?) Please read the article below.

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The U.S. Treasury, the County of Santa Clara and the Silicon Valley business community pledged their collective support to create solutions for Silicon Valley’s housing shortage by providing an infusion of almost $3 million in funding for Housing Trust Silicon Valley’s (HTSV) affordable housing programs. The new funding will aid more than 1,000 community families seeking affordable rental homes, foreclosure aid, or assistance to assuage homelessness.

Four separate entities approved grants and investments to HTSV: the U.S. Department of Treasury’s CDFI Fund the County of Santa Clara ($1 million), the Housing Authority of Santa Clara County, and the Santa Clara County Association of Realtors.

The CDFI award investment will be used to make loans for the creation of new rental housing opportunities, while the County and Housing Authority grants will go towards the Sequester Eviction Prevention Program to keep Section 8 families affected by federal budget cuts from
being evicted from their homes.

“Housing is a basic need we all share. Residents are facing eviction from their homes because Congress can’t make responsible budget decisions,” said Ken Yeager, president of the Santa Clara County board of supervisors. “It is up to local government to step in and help where we can.”

Additionally, the Santa Clara County Association of Realtors (SCCAOR) funds will aid HTSV’s Foreclosure Help program.

“The Santa Clara County Association of Realtors is proud to have been a partner since the beginning of the foreclosure mitigation efforts,” said Carl San Miguel, President of SCCAOR. “With this contribution of $50,000, we are confident that we can finally put this difficult chapter behind us and move forward in a much stronger and stable housing market.”

To read the complete article please use the link below.

California Housing Shortage

Explore posts in the same categories: Real Estate Market Trends

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