Newsom Announces $865M Funding for Affordable Housing, Transit Projects

California Gov. Gavin Newsom on Thursday announced more than $865 million in new investments to build affordable housing, expand transit, and protect communities from climate change. The awards include funding for 39 new affordable housing projects in 21 communities across the state and major sustainable transportation upgrades, with $185.6 million going to Los Angeles County as it rebuilds infrastructure after January’s wildfires.

The funding came through the state’s Cap-and-Invest program, which requires the purchase of allowances to offset large-scale emissions of greenhouse gases. Newsom’s office said the funding will support the creation of 2,393 new rent-restricted homes across the state.

“California’s cap-and-invest program is doing exactly what it was designed to do: cut pollution and reinvest back into our communities,” said Newsom. “We’re seeing the dividends through real results.  We’re not stopping, because real climate leadership means pairing ambition with equity and urgency to help those who need it the most.”

Pictured: 1318 4th St. in San Diego, one of the 39 affordable projects receiving funds from the investments Newsom announced.

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