California will allocate $6.5 billion in tax credits and bonds this year to boost affordable housing development, State Treasurer Fiona Ma announced Thursday.

The California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee approved the amounts, including $72.6 million in state tax credits, $500 million in one-time credits from the latest state budget, and $117.45 million in federal tax credits. The 2025 debt ceiling for private activity bonds was set at $5.12 billion, reflecting a 5% increase from 2024.

“These programs are critical to California meeting its housing goals and put thousands of affordable units on the market each year,” said Treasurer Ma. “Ensuring that these tools produce the highest levels of affordability possible is a priority in my administration and we are constantly looking to make these programs more competitive so that only the best projects get built.”

Local projects receiving funding

San Joaquin Apartments (Fresno County)

‍$10M bond cap for 100 units by Community Preservation Partners. Construction starts in March 2025 and finishes in December.

Pleasant View Apartments (Fresno)

‍$13.9M bond cap for 60 units by American Community Developers, Inc. Construction begins in June and lasts one year.

Dakota Apartments (Fresno)

‍$35.87M bond cap for 114 units by UPholdings. Construction starts in May 2025 and ends in September 2026.

These allocations will help address California's housing crisis by supporting high-quality, affordable housing projects across the state.