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City receives affordable housing loan
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.
