Housing
California will receive Recovery Act funds to help thousands of Californians facing foreclosure, provide new resources to increase housing supply and help prevent homelessness. Millions of dollars will be allocated for Community Development Block Grants (CDBG) to help create jobs and support local businesses as well as for Homeless Prevention and Rapid Re-housing to facilitate homelessness prevention projects. Funds are also available for competitive distribution to build and rehabilitate low‐income housing using green technologies. In addition, California is eligible to compete for a share of $2 billion to purchase abandoned and foreclosed homes, which will help rejuvenate neighborhoods and communities hit by the foreclosure crisis.
Governor Schwarzenegger has taken significant action to help prop up California’s housing market and stem the rate of foreclosures. The Governor’s goal of facilitating 100,000 loan modifications in 2008 was surpassed by 36,000.
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California Housing Stimulus Map
Allocation of Housing Funds
| NOTE: The above dollar amounts are in millions |
| The above histogram depicts a snapshot of the distribution of federal recovery funds allocated to the state of California as of 06/30/09. The actual dollar amounts will vary as recovery dollars move from an estimate by the Federal Government to the actual amount awarded to California and eventually made available to the various programs and finally spent by those programs. |
Housing Funds Distribution
| Program |
ARRA Funding1 |
California Estimated to Receive2 |
Federally Awarded to Entities in California3 |
Available to Entities in California4 |
Paid to Entities in California5 |
| Section 8 Rental Assistance & Energy
Efficiency |
$2,250.0 |
$325.9 |
$305.0 |
$275.3 |
$92.0 |
| Tax Credit Assistance Program |
2,250.0 |
225.0 |
325.9 |
- |
- |
| Neighborhood Stabilization |
2,000.0 |
200.0 |
- |
- |
- |
| Homeless Prevention |
1,500.0 |
189.1 |
189.1 |
- |
- |
| Public Housing Capital Fund |
4,000.0 |
131.2 |
117.9 |
117.9 |
0.1 |
| Community Development Block Grant |
1,000.0 |
123.3 |
123.3 |
- |
- |
| Rural Housing Loan Programs |
200.0 |
20.0 |
- |
- |
- |
| GSE (Government Sponsored Enterprises) Loan
Limits |
50.0 |
5.0 |
- |
- |
- |
| Rural Housing Services - Rural Community
Facilities Program |
63.0 |
- |
- |
- |
- |
| FHA Loan Limits -- Maintain 2008 Limits |
- |
- |
- |
- |
- |
| FHA Reverse Mortgage Loan Limits |
- |
- |
- |
- |
- |
| Grants in lieu of Low-Income Housing Tax
Credit Allocations |
- |
- |
- |
- |
- |
| Total |
$13,313.0 |
$1,219.5 |
$1,061.2 |
$393.2 |
$92.1 |
| NOTE: The above dollar amounts are in millions |
| 1 ARRA Funding: Total funds available in the ARRA |
| 2 California Estimated to Receive: Estimate of what California expects to receive |
| 3 Federally Awarded to Entities in California: Funds that have been officially awarded to California through funding notifications and press releases |
| 4 Available to Entities in California: A binding agreement that requires the government to make payments immediately or in the future |
| 5 Paid to Entities in California: Cash (currency, checks, or electronic fund transfers) or debt instruments (bonds, debentures, notes, or monetary credits) used to pay obligations |
Housing Calendar
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