Congress approved funding for housing as a part of its March stimulus package. It is expected that the next round of stimulus funding will include more funding for housing and affordable housing, but it is not clear when the next stimulus package will be passed.
March Federal Stimulus Package Provides Key Funding
A $2 trillion relief package was signed into law on March 27th, providing $150 billion in aid for state and local governments and $12.4 billion in funding for US Department of Housing and Urban Development (HUD) programs:
- Tenant Based Rental Assistance — $1.25 billion
- Public Housing Operating Fund — $685 million
- Housing Opportunity for Persons with AIDS — $65 million
- Community Development Block Grant (CDBG) — $ 5 billion
- Homeless Assistant Grants — $4 billion
- Project Based Rental Assistance — $1 billion
- Housing for the Elderly — $ 50 million
- Housing for Persons with Disabilities — $15 million
So what does this mean for Santa Clara County? While some of the funds are competitive, so it is unclear whether Santa Clara County will benefit, we do know about some funding coming our way. Here are the current numbers as detailed by HUD–
Community Development Block Grants
- San Jose– $8,947,319
- Cupertino– $389,308
- Gilroy– $468,300
- Milpitas– $592,761
- Mountain View– $592,761
- Palo Alto– $501,355
- Santa Clara– $1,039,874
- Sunnyvale– $1,184,793
- Santa Clara County– $1,520,720
Home Investment Partnership (HOME)
- San Jose– $3,319,683
- Santa Clara– $433,815
- Sunnyvale– $426,754
- Santa Clara County– $1,010,604
- San Jose– $778,209
- San Jose– $1,440,393
- A 60- day foreclosure moratorium on all federally-backed mortgage loans, and up to 180 days forbearance (and an additional 180 day extension if needed) for borrowers of a federally-backed mortgage loan.
- Up to 90-day forbearance of residential mortgage loan payments for multifamily properties of 5+ units with federally-backed loans if borrowers do not evict or charge late fees to tenants during the forbearance period.
- A 120-day moratorium on eviction filings or other legal action to charge fees or penalties if the property is insured, guaranteed, supplemented, protected, or assisted by HUD, Fannie Mae or Freddie Mac.