In June 2023, The California Department of Housing and Community Development (“HCD”) announced 18 jurisdictions to receive more than $33million as part of the first round of the Prohousing Incentive Pilot (“PIP”) Program funding.
The HCD is determined to alleviate California’s housing crisis by making additional community development resources available to local governments with the Prohousing Designation.
This award is paired with an impactful grant to create and conserve affordable housing. To date, the following cities have been awarded this distinction and funding: El Cerrito, Emeryville, Fresno, LA, Needles, Oakland, Rancho Cordova, Redwood City, Riverside, Roseville, Sacramento, Salinas, San Diego, Stockton, Ukiah, West Sacramento, San Diego, Yuba, Sonoma, Windsor, Long Beach, and most recently Santa Rosa.
The HCD is determined to alleviate California’s housing crisis by making additional community development resources available to local governments through PIP.
This designation gives these cities added points when competing for affordable housing, transportation, and infrastructure dollars, and allow their local governments to speed up the production of housing and further scale up its efforts to meet critical housing needs.
To receive the Prohousing Designation, cities and counties must demonstrate that they are promoting housing development in a variety of ways, including but not limited to streamlining multifamily housing developments, up-zoning in places near jobs and transit to reduce emissions, and creating more affordable homes in places that historically or currently exclude households of color and those earning lower incomes.
At a time in our economy when housing is so tight and homeowners are “mortgage-locked” into their existing houses, this government subsidy will help ease the pressure.
Real Estate is a good investment – as a buyer or investor – and this is a good time to buy a home.