The California Tax Credit Allocation Committee finished assigning a pool of $800 million in federal stimulus funds to affordable housing projects in California. The funds came from tax credits that affordable developers can sell to raise money for projects. The market for those credits declined along with the economy, but a provision in the American Recovery and Reinvestment Act of 2009 allowed developers to exchange previously awarded and unused tax credits for $0.85 in cash per $1 of credit.

California State Treasurer Bill Lockyer was responsible for awarding the grants, which will be distributed to developers within 60 days.

“These funds have played a vital part in helping to revitalize California’s economy,” Lockyer said. “The program has rejuvenated many stalled projects and helped others get off the ground. In doing so, we’ve created needed affordable housing for working Californians and their families, and helped to put people back to work.”

Twenty-five Bay Area projects will receive funding totaling $189.85 million. By county, $47.6 million went to Alameda, $7.2 million to Contra Costa, $450,000 to Marin, $64.4 million to San Francisco, $21.8 million to Santa Clara, $1.4 million to Solano and $47 million to Sonoma.

Some of the projects that received the biggest grants include $20 million for the 64-unit Main Street Apartments in Alameda County, $34.7 million for the 142-unit, 220 Golden Gate Avenue in San Francisco and $19.3 million for the 97-unit Amorosa Village I in Sonoma County.

Project	Amount	Units
Alameda County
The Alameda At San Leandro Crossings	$6.2 million	100
Tassafaronga Village Phase 2	$400,000	20
St. Joseph’s Senior Apartments	$7.1 million	84
Fairmount Apartments	$2.3 million	31
Main Street Apartments	$20 million	64
Amistad House	$2.4 million	60
Erna P. Harris Court Apartments,	$5 million	34
Contra Costa County
Valley Vista Senior Housing	$725,000	105
Lillie Mae Jones Plaza	$6.5 million	26
Marin County
Toussin Senior Aprtments	$451,616	13
San Francisco
Turk/Eddy Preservation Project	$11.1 million	82
2235 Third Street	$584,917	36
Arc Light Company	$312,972	19
Arlington Hotel	$12.3 million	154
220 Golden Gate Ave.	$34.7 million	174
Santa Clara County
Horizons at Morgan Hill	$1.8	49
Fair Oaks Senior Housing	$2.5 million	124
Cornerstone at Japantown	$2.1 million	53
Fourth Street Apartments	$8.8 million	100
The Crossings at Morgan Hill	$2.5 million	24
Kings Crossing	$2.1 million	94
Solano County
Moonlight Apartments	$1.4 million	56
Sonoma County
Amorosa Village I	$19.3 million	97
Windsor Redwoods	$6 million	65

 

Email Blanca Torres at btorres@bizjournals.com / (415) 288-4960.