US States Invest Billions in Thousands Affordable Housing Units

Several states and local governments across the U.S. are making significant investments to address affordable housing shortages. Illinois' Housing Development Authority invested over $2.3 billion last fiscal year, supporting nearly 5,000 new homeowners and creating or preserving over 3,000 affordable rental units, including housing for veterans and special needs populations. California, under Governor Newsom, has implemented streamlined financing processes that have funded over 12,600 affordable homes since 2020, targeting low-income families, seniors, veterans, and residents with special needs. In Santa Monica, Community Corp. is developing a 71-unit affordable apartment complex aimed at families earning between 30% and 80% of the area median income. Richmond and surrounding Virginia counties received $1.2 million to support nine affordable housing projects, including an 83-unit senior apartment complex, serving residents earning 30% to 80% of area median income. Meanwhile, Orange County, Florida, pledged $15.8 million and impact fee exemptions for two affordable housing communities totaling 260 units, as part of a larger Housing For All Initiative that has created nearly 1,850 units since 2020.