Sacramento City Council Approved $100M Affordable Housing Fund

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.

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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.

Developers can submit proposals for new projects seeking Measure U funds to a new city website.