Industry News

Federal grant will assist unemployed mortgage workers

California announces spending plan for affordable housing
Published on Feb 22, 2008

California Gov. Arnold Schwarzenegger this week announced the award of $73 million for 40 affordable housing projects in 26 cities in the state and also announced $5.6 million in federal money to train laid-off mortgage and banking industry workers for jobs in other industries. Earlier this month, the state announced the availability of $69.5 million worth of permanent low-interest loans that will support 14 affordable multifamily housing projects. Both investments in affordable housing projects will create an estimated 5,300 jobs in the state and about $244 million in wages, according to the Governor's Office announcement. Funding for the projects is generated through state propositions 1C and 46. Proposition 1C provided $2.85 billion to finance affordable housing and is part of a $42 billion bond package approved by voters in November 2006. The job training for unemployed mortgage and banking industry workers will be paid through a National Emergency Grant from the U.S. D...

Comments