The California Housing Accelerator is a $1.75 billion program to provide bridge financing in the form of forgivable loans from the California Department of Housing and Community Development (HCD) to multifamily housing development projects. Eligible projects are those at the stage where workers can be employed and construction can begin, many of which have been delayed for years due to inaccessible and oversubscribed low-income housing tax credits and tax-exempt bonds. The program was launched in 2021 to expedite the development of multifamily affordable housing for low-income Californians by reducing the backlog of underfunded projects. As of April 2023, 58 projects have been awarded California Housing Accelerator funding, resulting in the acceleration of 4,904 affordable units.
- California Department of Housing and Community Development