The California coast has taken a beating in recent weeks and months, with historically large surf, fueled by a hyperactive El Niño season, and heavy storms. In some areas, coveted beachside homes are being threatened by the inundation of water, both from the sky and the ocean – like these two .
The California Department of Housing and Community Development announced last week that the Orange County Housing Finance Trust has been awarded $4.2 million. The awarded funding will be used by the Trust to help finance the development of 7 affordable and permanent supportive housing developments totaling 467 units scattered throughout Orange County. The 7 projects will receive these funds in the form of a project loan from the Trust.
The Trust competed against 33 other similar organizations throughout the State of California for this funding and was ranked number 2. To obtain a high score on the application and obtain the funding, the Trust needed to match the State funding amount. The Trust worked closely with the County of Orange Board of Supervisors to obtain qualifying matching dollars so that the Trust application ranked well and would bring new funding into Orange County to help address the affordable housing crisis facing the region.