The federal government announced today it's giving California $10 million to create more affordable housing.
Nationwide, the U.S. Department of Housing and Urban Development, or HUD, is allocating $174 million, with California getting the biggest amount.
HUD says the money will complement existing efforts to increase and preserve the supply of decent, safe and sanitary affordable housing for homeless people and low income families. It's the first time ever that HUD has allocated the funding through the nation's Housing Trust Fund. The fund was created eight years ago and receives contributions from mortgage companies Fannie Mae and Freddie Mac.
HUD says the money offers another tool to help states confront a growing affordable rental housing crisis. State affordable housing planners can use the money for things like acquiring property, demolition and relocation assistance.
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