Learn More about California's 2022 Project Homekey!
Project Homekey, has been revised and additional Development Funding will be available in 2022!
JANUARY 2022 PROGRAM UPDATE! Due to the success of Project HomeKey last year, the California legislature is planning to re-invest as much as $750M into the program in 2022! Bureau Veritas can help your team during the acquisition process with timely due diligence assessments.
To complete the purchase of these properties, local governing agencies, housing authorities, affordable housing developers, and non-profits may be required to get real estate due diligence performed including property condition assessments, environmental site assessments, and other inspections. Bureau Veritas has already assisted our clients with over 70 HomeKey property acquisitions, providing these assessments in a timely manner while meeting ASTM requirements.
Read more about this update in this article from the LA TImes. BV is providing timely due diligence assessments required by the State to complete the lease-to-purchase conversion of hotel/motel properties for our clients. Click here if you'd like to reach out to someone at BV!
“Newsom’s senior adviser on homelessness, Jason Elliott, told the Times he hopes the legislature will make $250 million available for the program before July.”
BV is helping our CA clients execute hotel conversions in support of the State’s Project Homekey program that is aimed to reduce the number of unsheltered homeless throughout the State.
The California Department of Housing and Community Development (HCD) will be administering another allotment of money in 2022 for the allocated Project Homekey grant funds and these funds will be available through the end of the 2022 calendar year.
There is a sense of urgency in California during this time and the application process was only getting started and many hurdles remained before specific properties could be identified. The options could include bridge housing, which would provide a place to stay for up to six months for people directly transitioning from homelessness to a personal residence. An affordable housing option would provide a permanent home with rent payments supplemented through the Housing Authority. The key to this process is getting homeless off the streets and making use of buildings that would otherwise stay dormant. BV has regional staff throughout California who have completed millions of square feet of technical assessments.Let us help you execute your plans to contribute to the Project Homekey mission.
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Project Homekey Governor Newsom says that the hotels and motels acquired during the pandemic for homeless will turn into more permanent, affordable housing.