Industry News

Federal grant will assist unemployed mortgage workers

California announces spending plan for affordable housing

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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...