The state of California continues to prioritize the development of affordable housing and more sustainable communities. What many people don’t realize is that there are several grants and incentives to help real estate developers, investors, and owners make these improvements. This post will cover everything you need to know about the grants available with the California Affordable Housing and Sustainable Communities (AHSC) program.
The Affordable Housing and Sustainable Communities program is an important initiative that aims to reduce greenhouse gas (GHG) emissions, promote affordable housing, and improve transportation options. Their funding is provided by the Greenhouse Gas Reduction Fund (GGRF), which allows the program to fund:
They offer grants and loans for projects that will ultimately reduce GHG emissions. However, the program also focuses on benefits to Disadvantaged Communities with goals to:
Many different entities are considered eligible for the AHSC grants, including:
Additionally, it is important to note that 50% of the AHSC funds are reserved for affordable housing and the remaining 50% for disadvantaged communities. A single applicant can qualify for one or both set-asides.
If your project falls in any of the below categories, it’s worth exploring the application and next steps to qualify for an AHSC grant. Projects that can apply for funding include:
Regardless of the project type, the minimum AHSC program grant, loan, or combination of the two is $10 million. The maximum available funding is $50 million, with an additional limitation that a single developer can receive only up to $100 million per funding cycle. However, the AHSC states that they can waive those limitations if they need to meet Affordable Housing and Disadvantaged Community set-aside requirements.
The California Affordable Housing and Sustainable Communities program is a critical initiative that aims to improve the quality of life for residents in the state. With grants and loans available for projects that will reduce greenhouse gas emissions, promote affordable housing, and improve transportation options, this program offers a unique opportunity for developers to make a positive impact on their communities.
Even if you aren’t eligible or aren’t selected to receive an AHSC grant, the key takeaway is that funding and support are available for sustainability improvements. If you’re looking for more ways to offset your cost, explore our other blog posts covering incentive programs:
While we provide many resources on these programs, we understand how overwhelming all the information can be. The Ivy Energy team is always here to answer your questions or show you how sustainability improvements can increase your revenue as a property owner.
CA has passed laws like AB802 and Title 24, mandating renewable energy on certain multi-family properties?
Click Here to learn more about how you can comply while turning a profit with Ivy’s Virtual Grid alternative to traditional Sub Metering.