The California Housing Finance Agency is loaning millions of dollars to Berkeley and 15 other California cities, including Oakland, to help create affordable housing opportunities for low-income residents.
The $12.8 million in loans, announced Tuesday by Gov. Gray Davis’ office, go to Housing Enabled by Local Partnerships (HELP), a program designed to create affordable housing through private and public aid. The funds will “help communities provide housing for families, the disabled and senior citizens in need,” Davis said in a statement.
The low-interest loans are coming from the California Housing Finance Agency as part of the HELP program's five-year, $100 million commitment, according to the governor.
Monterey, Stockton and Merced will also receive aid.