This month’s Developers Corner highlights existing funding opportunities—including San José’s Gap Financing Program—as well as key policy updates and upcoming events tailored to affordable housing developers. From state budget insights to EV infrastructure planning, this roundup is packed with timely tools and resources to support you and your next project.
Funding Opportunities
Explore these new funding sources for affordable housing development:
- San Jose NOFA– 2025 Update
- The City of San José has launched a rolling RFP for its Gap Financing Program, accompanied by updated underwriting guidelines. Projects submitted will be publicly scored with top proposals prioritized for funding and the remainder added to a new waitlist.
- Permanent Local Housing Allocation Program (PLHA)
- The state has released new funding through the Permanent Local Housing Allocation (PLHA) Program, to support locally driven affordable housing solutions. We encourage developers to reach out to their city partners and urge them to apply before the July 22, 2025 deadline to ensure these critical resources are put to use in their communities.
- Homekey+ and Tribal Homekey+
- The State of California has launched two parallel funding programs to expand Permanent Supportive Housing for individuals experiencing or at risk of homelessness with behavioral health challenges. The Homekey+ NOFA provides $2.145 billion for projects serving veterans and other individuals with behavioral health needs. In parallel, the Tribal Homekey+ NOFA allocates $121 million specifically for Tribes and Tribal Entities to create culturally appropriate housing solutions for households facing similar challenges. Together, these programs represent a significant investment in housing and behavioral health interventions across the state.
Resources
Access important resources and guidance for affordable housing development:
- ICE Response Resources
- At SV@Home, we are committed to providing developers with the resources necessary to effectively train staff on how to respond to potential ICE raids. Here we have compiled a list of available resources to help navigate these challenges.
- Terner Center: Governor’s Reorganization Plan to Create the California Housing and Homelessness Agency
- The Governor’s recent reorganization plan aims to streamline California’s housing and homelessness response by creating the California Housing and Homelessness Agency (CHHA). This move addresses the fragmentation of housing finance systems, aiming to reduce delays, lower costs, and improve efficiency in delivering affordable housing across the state.
- CTCAC 2025 First Round 9% Preliminary Recommendations
- The California Tax Credit Allocation Committee (CTCAC) has released its preliminary recommendations for the 2025 First Round of 9% Low-Income Housing Tax Credits, outlining which projects are poised to receive awards across both Set-Asides and Geographic Regions. Among the recommendations is Santa Teresa Multifamily in San Jose, which secured a spot under the Special Needs Nonprofit Set-Aside. However, no projects were recommended in the South and West Bay Geographic Region
- ELPN: 2025 State Budget Roundup
- NPH’s Emerging Leaders Peer Network (ELPN) hosted a 2025 State Budget Roundup covering key updates on California’s final budget, proposed federal housing cuts, and ongoing advocacy efforts around housing funding. The full recording of the event is available here on YouTube.
Upcoming Events
Mark your calendars for these key industry events:
- EV Charging Info Session
- Join Breathe California and Ecology Action on July 23rd from 12–1:30 PM at Michael’s Restaurant in Mountain View for an engaging EV Charging Info Session for Multifamily Properties, funded by the U.S. Department of Energy. This luncheon will cover rebate opportunities, installation best practices, and lessons from successful projects—perfect for developers planning EV infrastructure across their portfolios.
- Terner Center: Housing Supply and Finance Livestream
- Join the FHLBank San Francisco and the Terner Center on August 20th for an online convening focused on increasing housing supply in today’s policy and economic environment. This half-day event will bring together policymakers, lenders, and developers who are working to tackle the Western region’s housing affordability crisis, with panelists addressing topics such as strengthening pro-housing policies and increasing access to financing.