"An estimated 39,880 affordable units across California are stuck in financial purgatory, according to a new report by Enterprise Community Partners, a national nonprofit that funds, consults and advocates for affordable housing. That's 461 "shovel-ready developments" that, like the one on East Morris, are fully designed, legally green-lit and backed with a significant - but still insufficient - amount of money."
"Many have "been sitting for a year or two waiting for funding," said Justine Marcus, policy director for Enterprise's Northern California office and one of the report's co-authors. "There's no exit route right now. It's a bottleneck.""
"Having quilted together a financial patchwork of local government and corporate grants, private debt, and a plot of land donated by a foundation, it remains just shy of the total needed to break ground. Six years and 13 funding applications after it was first proposed, the Morris Village project sits ready, but waiting."
California faces a significant affordable housing crisis where thousands of projects are ready to build but lack sufficient funding. The Morris Village project in Modesto exemplifies this problem: after six years and 13 funding applications, it remains one unit short of its financial goal despite having zoning approval, local support, and a location near public transit. Enterprise Community Partners reports 39,880 affordable units across California are in financial purgatory, with 461 shovel-ready developments fully designed and legally approved but unable to proceed. These projects have assembled patchwork funding from grants, private debt, and donations, yet still fall short. Lawmakers are considering a $10 billion affordable housing bond for the 2026 ballot to address this bottleneck.
#affordable-housing-funding-crisis #california-housing-policy #shovel-ready-development-bottleneck #homelessness-solutions
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