Jamboree Housing Corporation announced the successful closing of $55.3 million in state funding from the newly established Homekey, California’s innovative $550 million program to purchase and rehabilitate housing, including hotels, motels, vacant apartment buildings and other properties, and convert them into permanent, long-term housing for people experiencing or at risk of experiencing homelessness. Also known as Project Homekey, Jamboree will fund the creation of 262 permanent studio homes in Northern and Southern California with these dollars.
Jamboree’s 30-year development history created a unique opportunity to leverage the company’s geographic reach and proven expertise to convert motels into permanent housing earlier in the 2000s. This was the type of experience the California Department of Housing and Community Development needed when looking to deploy Homekey funds before year’s end. Partnering with both Santa Clara and Orange Counties, Jamboree is quickly working to bring these homes from concept to completion in mere months per the program’s timeline.