California’s plan to tackle homelessness

California’s plan to tackle homelessness

California’s plan to tackle homelessness
Gov. Gavin Newsom announced plans last month to address the state’s ongoing homeless crisis, starting with a $12 billion investment. The plan includes relocating 65,000 homeless individuals to permanent housing and end family homelessness by 2026.

Project Homekey, which has housing homeless people in hotels and motels during the pandemic will receive nearly $9 billion in funding that would go toward creating new affordable housing units and apartments. Another $3 billion will be invested in rental assistance programs that can help people avoid homelessness in the first place.

The homeless problem has grown by leaps and bounds over the last decade and California housing grows more and more unaffordable to lower income people. San Diego has been a prime example of this as the homeless population in the city has skyrockets over the last several years.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article