HEART receives $2M grant from State Prop 1C funds

HEART funds first-time hombuyers and high-density affordable rental apartments

Funds for hombuyers and affordable apartment construction

The California Department of Housing and Community Development (HCD) has awarded a $2 million matching grant to HEART as part of its competitive Local Housing Trust Fund Program funded by Proposition 1C, the housing bond measure approved by state voters in 2006.

The grant, which will be matched by funds from HEART, was the maximum amount awarded, and will support two programs:

  • $700,00 to HEART’s Quickstart Revolving Loan Fund for loans for construction of 178 units of affordable rental housing for working families and seniors
  • $1.3 million to HEART’s “Opening Doors” homebuyer downpayment assistance program to provide loans to 27 or more low and moderate income families
  • Funds expected to be available in January 2012