Orange County Housing Finance Belief
Grant will assist finance development of ADUs for low-income tenants
— Michael Hunn, Cal Optima CEO
SANTA ANA, CA, UNITED STATES, March 15, 2023 /EINPresswire.com/ — The Orange County Housing Finance Belief (OCHFT) was awarded $4 million for a brand new accent dwelling unit (ADU) mortgage program by CalOptima Well being. The grant was a part of $21 million Cal Optima has focused towards increasing reasonably priced housing choices for low-income and Medi-Cal eligible residents of Orange County.
OCHFT’s revolutionary ADU mortgage program will supply low-cost loans to householders to help in developing new ADUs on their main residences and increasing entry to revenue alternatives by way of latest statewide allowances for ADU development. In return, at the very least 34 new leases are anticipated to be accessible completely for low-income tenants throughout the loans.
The grant is made potential by way of the Division of Well being Care Companies’ (DHCS) Housing and Homelessness Incentive Program (HHIP) by way of which CalOptima Well being can earn funding to help the supply and coordination of well being and housing companies for Medi-Cal members who’re experiencing homelessness or are at-risk of homelessness. That is the primary time that CalOptima Well being has offered funds for everlasting supportive housing and reasonably priced housing, straight addressing a serious social driver of general well being and healthcare prices within the Orange County neighborhood.
“Merely put, housing is well being,” mentioned Michael Hunn, CEO of CalOptima Well being. “CalOptima Well being is honored that $21 million of this funding will go towards everlasting supportive housing. By offering stability, everlasting housing turns into the very basis for accessing medical and behavioral well being companies.”
With this funding, the OCHFT will help CalOptima’s purpose of offering extra everlasting supportive housing by financing ADU development to particular person householders. The ADU mortgage program is predicted to begin in the summertime of 2023. The OCHFT is hopeful that this preliminary funding is barely the start for the ADU mortgage program and that further funding can be made accessible from different sources.
Since 2019, 26 cities plus the County of Orange have joined the OCHFT in a regional and collaborative effort to ship extra reasonably priced housing into the area. In that very same time interval, the OCHFT has funded 16 reasonably priced housing initiatives totaling simply over 1,100 reasonably priced rental items scattered all through Orange County.