First California Housing Accelerator Project Breaks Ground in Oakland

SACRAMENTO – The California Department of Housing and Community Development (HCD) today participated in the groundbreaking ceremony for the 7th and Campbell affordable housing project – the first project in the state to break ground with the help of the California Housing Accelerator.

Funded by the federal American Rescue Plan Act of 2021 and announced by the Newsom Administration in September, the California Housing Accelerator is a $1.75 billion effort to get housing developments that were stuck in the funding pipeline due to an insufficient supply of tax credits and bonds moving again.

Governor Gavin Newsom announced $923 million in Accelerator awards in February, and among the 27 projects funded statewide, 7th and Campbell was awarded nearly $43 million.

“We’re moving with the urgency that’s required to create affordable housing to help alleviate the housing crisis and prevent folks from ending up on the streets,” said Governor Gavin Newsom. “The $1.75 billion investment for projects just like this one in the East Bay will rapidly provide thousands of affordable housing units throughout the state.”

Before receiving funding from the California Housing Accelerator, the 7th and Campbell project was unable to attain the necessary tax credits and bonds to complete construction – even after receiving grant funding totaling $18.7 million from two other HCD-administered programs – the Supportive Housing Multifamily Housing Program and the Transit-Oriented Development Housing Program...