SACRAMENTO (CBS13) — Sacramento city council members approved the creation of a $100 million trust fund dedicated to building affordable housing Tuesday evening.
The fund will lend or grant money to rental and for-purchase affordable housing projects.READ MORE: Stimulus Check Latest: When Could You See Another Economic Relief Payment?
Tonight we voted to create a $100-million housing trust fund using #MeasureU proceeds. This money will allow us to leverage millions more in state and federal funds. We've also structured it to spur construction of efficient housing types. https://t.co/mF0JlTK3qg
— Darrell Steinberg (@Mayor_Steinberg) January 29, 2020READ MORE: Third Stimulus Check: Why Your Next Relief Payment May Not Be $1,400
Mayor Darrell Steinberg says the funds will come from new city bonds backed by future Measure U revenues, future state allocations for affordable housing, and money raised from public, private and non-profit partners.MORE NEWS: Police Warn Of Fake Jewelry Scammer Roaming Woodland, Yolo County
Developers can submit proposals for new projects seeking Measure U funds to a new city website.