"Gov. Gavin Newsom said Friday six more affordable housing developments will turn surplus, state-owned real estate more productive. Central and inland California will be the biggest beneficiaries: Atascadero, Napa, Fontana, San Bernardino and Stockton will see repurposed properties once operated by the Department of Motor Vehicles, Department of State Hospitals and Department of General Services. At least 850 units are slated for development, the vast majority affordable with one or two market-rate homes at each."
"Tenants will be under a lease option agreement, which offers the chance to purchase the unit at the end of a specific term. What's in it for developers? An approval process of less than five months. A total of 10 additional sites are currently available and accepting developer proposals in places such as Los Angeles, San Bernardino, Santa Barbara, Marin and Sacramento counties, according to the state's portal."
Six state-owned sites will be repurposed for affordable housing, with beneficiaries including Atascadero, Napa, Fontana, San Bernardino and Stockton. The properties were formerly operated by the Department of Motor Vehicles, Department of State Hospitals and Department of General Services. At least 850 units are planned, mostly affordable with one or two market-rate homes at each site. Tenants will sign lease option agreements that provide the chance to purchase after a set term. Developers are offered an approval timeline of less than five months. Ten additional state sites are accepting proposals in counties including Los Angeles, San Bernardino, Santa Barbara, Marin and Sacramento. State policy and enforcement have been paired to accelerate affordable housing delivery, and cities without approved housing elements have faced litigation and builder's remedy actions, raising questions about voter attempts to reject housing elements.
Read at therealdeal.com
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