The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 1

Spotlight on the Housing Market 

in the San Francisco-OaklandFremont, CA MSA

The San Francisco-Oakland-Fremont, CA Metropolitan Statistical Area (San Francisco MSA) is located on the northern coast of California and 

encompasses 5 counties that make up three Metropolitan Divisions (MD): San Francisco-Redwood City-South San Francisco, Oakland-Hayward-Berkeley, 

and San Rafael (Marin County). The foreclosure crisis has had an asymmetrical impact on the San Francisco MSA, with the Oakland MD faring less well 

than the other metro divisions. During the housing bubble, home price appreciation in the Oakland MD peaked six months earlier and rose at a pace that 

was 34 percent higher than the national average, whereas home price appreciation in the San Francisco MD peaked fourteen months later and fell short 

of the national pace by 11 percent. As might be expected, the decline in home prices during the second half of the bubble was greater for Oakland (45 

percent) than for San Francisco (22 percent) and the nation (30 percent). Falling property values and the resulting underwater mortgages were fueled 

mainly by excess housing construction and unsustainable mortgage lending in the years leading up to the housing crisis and rising unemployment during 

the subsequent recession. In contrast to some areas in the country, investor speculation had little impact on excess housing construction during the bubble. 

From 2000 through 2006, the share of distressed mortgages in the San Francisco MSA--those 90 or more days delinquent or in the foreclosure process—

were considerably lower than comparable shares in the rest of the nation. Nonetheless, when the rapid rise of distressed mortgages in the nation began 

in 2007 with declining house prices, the share of distressed mortgages in the San Francisco metropolitan area also rose and paralleled the national rise in 

mortgage distress through early-2010. The share of distressed mortgages in the San Francisco area has since declined more rapidly than for the nation--

the result of a relatively strong economic recovery, substantial house price increases, and state legislation in early 2013 that sharply curtailed foreclosure 

activity. The Administration’s broad approach to stabilizing the housing market has been a real help to homeowners in the San Francisco metropolitan 

area. This addendum to the Obama Administration’s Housing Scorecard provides a summary of trends and conditions in the local economy and the 

impact of the Administration’s efforts to stabilize the housing market and help local homeowners. 

Population Growth, Employment, 

and Housing Market:

With 4.3 million people according to the most recent 

Census, the San Francisco MSA is the 11th largest in the 

nation. From 2000 to 2010, the population increased by 

an average of over 21,150 people, or 0.5 percent a year. 

Natural population growth (births minus deaths) accounted 

for the net population increase. During the last decade, an 

average of nearly 5,575 people per year moved out of the 

San Francisco MSA. Those leaving the area reached an 

average of 32,050 per year from mid-2001 through mid2006 when economic growth was sluggish after the dot-com 

bust from 2000 to 2002.

San Francisco MSA Housing Unit Growth Outpaced Population 

and Household Growth During the Past Decade

Date of Census 4/1/2000 4/1/2010

San Francisco MSA Population 4,123,740 4,335,391 

 Annual Growth Rate - 0.5%

San Francisco MSA Households 1,551,948 1,627,360 

 Annual Growth Rate - 0.5%

San Francisco MSA Housing Units 1,606,853 1,741,999 

 Annual Growth Rate - 0.8%

Source: Census Bureau (2000 and 2010 Decennial)

During the decade spanned by the Census, new housing production 

exceeded household growth in the San Francisco MSA. Net annual 

housing unit growth of 0.8 percent was greater than the corresponding population 

and household growth rates of 0.5 percent each. This excess construction 

contributed to an oversupply of housing. According to the Census Bureau, the 

number of vacant units in the MSA increased by an average of 5,975 units, or 

10.9 percent, annually, during the 2000s compared with a 4.4-percent national 

increase. The growth in excess supply was greater in the Oakland than in the 

San Francisco MD. During the 2000s, the number of vacant units increased by 

an average of 3,500 units, or 12.9 percent in the Oakland MD, compared with 

an average increase of 2,100 units, or 9.0 percent in the San Francisco MD. The 

remaining increase occurred in the San Rafael MD. The excess supply of housing 

in the San Francisco MSA is likely to have contributed to the sharp decline in 

home prices after the housing bubble burst. Investor speculation had little impact 

on the overbuilding in the years leading up to the housing crisis, as a fairly small 

share of home purchases in the MSA were by non-occupant investors. Specifically, 

from 2000 to 2005 investor home sales rose from 8.2 to 10.3 percent of total 

sales in the San Francisco MD and from 7.7 to 9.8 percent of total sales in the 

Oakland MD, while the corresponding increase for the nation was from 7.7 to 

16.0 percent of sales. Subprime lending, on the other hand, is likely to have 

contributed to the overbuilding in the San Francisco MSA. A study by the National 

Bureau of Economic Research shows that in 2005, San Francisco ranked 42nd 
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 2

out of the top 107 metropolitan areas with the highest share 

of subprime mortgage originations relative to housing units. 

According to data from First American Loan Performance 

in a Wall Street Journal article, subprime lending was more 

significant in Oakland, where approximately 10.6 percent 

of all mortgages were subprime as of December 2006, 

compared with 5.0 percent in San Francisco. The median 

household income in Oakland was 31-percent lower than in 

San Francisco according to the 2006 American Community 

Survey, which suggests that predatory lending aimed at lowincome borrowers may have contributed to this difference. 

A conservative estimate based on HMDA (Home Mortgage 

Disclosure Act) data indicates that subprime originations 

tripled nationally between 1998 and 2005. According to a 

study by the Center for Responsible Lending, approximately 

90 percent of subprime mortgages experience increases in 

monthly payments of 30 to 50 percent within a few years, 

causing subprime loans to typically default at more than 7 

times the rate of other mortgages.

A relatively strong economic recovery is 

underway in the San Francisco MSA. The local 

economy grew modestly before a steep decline that began 

in 2008. From the fourth quarter of 2004 through the first 

quarter of 2008, nonfarm payroll jobs increased at an 

average annual rate of 23,600, or 1.2 percent, compared 

with a national increase of 1.4 percent during the same 

period. The impact of the Great Recession was more severe 

for the San Francisco MSA than for the nation. Jobs in the 

MSA declined at an average annual rate of 82,650 or 4.0 

percent, from the second quarter of 2008 through the first 

quarter of 2010, compared with a national annual decline 

of 3.1 percent during the same period. The recovery from 

the recession has been stronger for the San Francisco MSA, 

with jobs increasing at an average annual rate of 38,900, 

or 2.1 percent, from the second quarter of 2010 through the 

third quarter of 2013, compared with a national increase of 

1.5 percent. 

The San Francisco MSA is known for innovation in the hightech sector. However, during the recent recession, almost all 

private sectors in the MSA lost jobs, including the professional 

and business services sector, which lost an average of 14,900 

jobs, or 4.0 percent, a year. Job losses were most severe 

during this period in the construction and manufacturing 

sectors, which declined at average annual rates of 14.6 and 

6.8 percent, respectively. Declines were also substantial in 

financial activities (5.8 percent) and retail trade (5.1 percent). 

The recovery in San Francisco’s economy has been led by 

the construction (6.3 percent), leisure and hospitality (5.8 

percent), and professional and business services (5.3 percent) 

sectors. Growth in these sectors more than offset respective average annual job 

losses of 1.2 and 0.6 percent in the government and manufacturing sectors. 

The unemployment rate for the San Francisco MSA peaked at 10.4 percent in 

December 2009 and has since fallen to 6.1 percent as of December 2013. The 

national unemployment rate peaked in October 2009 at 10.0 percent, falling to 

6.7 percent by December 2013.
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 3

Home sales in the San Francisco MSA are 

improving. After reaching a peak of 78,600 units sold 

in 2004, existing home sales in San Francisco dropped 

by an average annual rate of almost 17 percent between 

2005 and 2007. Existing home sales began to rise in 2008, 

increasing at an average annual rate of nearly 6 percent 

from 2008 to 2013. By comparison, existing home sales 

in the nation peaked in 2005 and dropped by an average 

annual rate of 14 percent between 2006 and 2008; 

existing home sales began to rise in 2009, increasing at 

an average annual rate of almost 5 percent from 2009 to 

2013. New home sales in San Francisco peaked in 2004 

at 9,725 units, before falling from 2005 through 2011 by 

an average annual rate of nearly 11 percent. New home 

sales have since stabilized at approximately 3,550 units, 

increasing over the last two years at an annual rate of 19 

percent. Nationally, new home sales peaked in 2005 before 

declining by an average annual rate of almost 13 percent 

from 2006 to 2011; sales have increased since at an 

average annual rate of 20 percent. 

Home prices in Oakland rose and then fell more 

steeply than for San Francisco and the nation 

during the housing bubble. The CoreLogic repeatsales house price index (HPI) shows that home prices in 

the Oakland MD peaked six months prior to and rose 34 

percentage points higher than for the nation. In the San 

Francisco MD, home prices peaked fourteen months later 

and rose 11 percentage points less than for the nation. 

The decline in home prices was also more pronounced in 

the Oakland MD, with prices falling 45 percent from their 

peak in October 2005 to their low in March 2009, while 

in the San Francisco MD, home prices declined 22 percent 

from their peak in June 2007 to their low in April 2009. By 

comparison, the national peak-to-low drop was 30 percent. 

Unlike some areas in the nation, investor speculation had 

little impact on the rise in home prices in the San Francisco 

MSA during the bubble. Sales to investors averaged 8 and 

9 percent, respectively, during the rapid rise in Oakland and 

San Francisco home prices--much lower than the 12 percent 

share nationally. As described earlier, subprime lending is 

likely to have fueled home prices to a greater extent in the 

Oakland than in the San Francisco MD. A relatively high 

level of distressed sales (involving bank-owned properties or 

short sales) played a role in the price decline in Oakland, as 

distressed sales--at 24 percent of existing home sales during 

Oakland’s downturn--was significantly greater than the 14 

percent rate during the national peak-to-low period. The 

comparable share of distressed sales for the San Francisco 

MD was 16 percent. Since the end of the bubble, home 

prices have increased by 44 and 36 percent, respectively, in the Oakland and 

San Francisco MDs, which are much larger gains than the 18-percent rise for 

the nation. House prices in San Francisco are now actually higher than the peak 

reached during the house price bubble. Data from the 2011 American Housing 

Survey, which included a survey of both the San Francisco and Oakland MDs 

among the metro areas surveyed on a rotating basis, indicate the cost of owning 

a home in both areas remains higher than that for the nation: median monthly 

housing costs (including utilities and real estate taxes) for owner-occupied units 

in the Oakland MD during 2011 were $1,983 and in the San Francisco MD 

were $2,232, compared to $1,008 at the national level. 

Although construction activity in the San Francisco MSA continues 

to accelerate, the rental market remains tight. According to 

AXIOMetrics, Inc., the San Francisco MSA apartment vacancy rate was 3.8 

percent in the fourth quarter of 2013, down from 4.1 percent a year earlier, 

representing tight market conditions. The slight decrease in the vacancy rate 

occurred because, despite increased construction, demand for rental housing 

was extremely high during the past year. The national apartment vacancy rate 

declined from 5.7 to 5.1 percent over the same period. During the third quarter 

of 2013, the average apartment rent in the San Francisco MSA increased 

by 6.5 percent from a year earlier to $2,162; the average rent nationwide 

increased by 3.7 percent to $1,127 during the same period. 
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 4

Trends in Mortgage Delinquencies 

and Foreclosures: 

The rate of mortgages at risk of foreclosure has declined 

substantially in the San Francisco MSA since the beginning of 

2010. According to LPS Applied Analytics, the San Francisco 

MSA placed 361st out of 381 metropolitan areas ranked by 

share of mortgages at risk of foreclosure (90 or more days 

delinquent or in the foreclosure process). As of December 

2013, LPS data show that mortgages at risk of foreclosure in 

San Francisco decreased by 51 percent during the last year–

from 17,950 to 8,775–compared with a national decline of 

32 percent over the same period. A partial explanation for 

the sharper decline in the share of distressed mortgages in 

San Francisco relative to the nation is a shorter foreclosure 

processing timeline. As of the fourth quarter of 2013, the 

average time to complete a foreclosure in California was 

430 days, somewhat less than the national average of 564 

days. CoreLogic data indicate that the rate of mortgages 

at risk of foreclosure in the San Francisco MSA have been 

consistently below the national rate. However, in 2007 

and 2008 when the foreclosure crisis began for most of the 

nation and single-family foreclosures were largely driven by 

unaffordable loan products, the increase in mortgages at 

risk of foreclosure in San Francisco paralleled the national 

trend. From the beginning of 2007 to the end of 2008, the 

share of mortgages in distress in San Francisco rose from 

0.6 to 3.3 percent, compared to a national increase from 

1.6 percent to 4.4 percent. Beginning in 2009, foreclosures 

were increasingly driven by loss of income, unemployment, 

and strategic defaults as the economy worsened, according 

to research by the Federal Reserve Bank of Chicago. A sharp 

spike upward in the rate of distressed mortgages occurred 

in 2009 for both San Francisco and the nation. By early 

2010, mortgages at risk of foreclosure peaked at 8.0 percent 

nationally, and have since fallen to 4.7 percent. The share of 

distressed mortgages in the San Francisco MSA rose to 7.2 

percent in early 2010 and has since fallen more quickly to 

2.0 percent as of October 2013. 

According to Realty Trac data, the rate of foreclosure completions in the San 

Francisco MSA since April 2009 is higher than the national rate, but as of 

fourth quarter of 2013 is lower than the national rate. From April 2009 

through December 2013, the number of foreclosure completions as a percent 

of all housing units in the San Francisco MSA is 3.0 percent compared with 

a national rate of 2.8 percent. For the fourth quarter of 2013, the rate of 

foreclosure completions in San Francisco was 0.03 percent, much lower than 

the 0.08-percent national rate. Foreclosure completions have been trending 

downward nationally as well as in San Francisco. During the fourth quarter of 

2013, completed foreclosures in San Francisco were down 70 percent from 

a year earlier, while completed foreclosures in the nation declined 40 percent 

during the same period. 

The efforts of numerous state and local entities and financial institutions in 

partnership with the federal government have helped contain the rate of 

foreclosures. A lengthy judicial process in some states has also contributed 

to a national decline in foreclosure activity. Recent state legislation has had 

a significant impact on foreclosure activity in California. The California 

Homeowners Bill of Rights has resulted in a marked decline in foreclosure activity 

since it was enacted in January 2013. The bill extended many of the principles 

in the National Mortgage Servicing Settlement, including the prohibition of 

dual tracking--the initiation of the foreclosure process by a mortgage servicer 

when a homeowner is attempting to secure a loan modification--and requiring a 

single point of contact for borrowers facing a foreclosure. In addition, the law 

imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure 

documents. Improving economic conditions and increasing house values have 

also contributed to a decrease in the number of homeowners at risk. CoreLogic 

reports that 2.5 percent of mortgages in the San Francisco MD were underwater 

as of the third quarter of 2013, down from 9.0 percent a year earlier. Negative 

equity has also declined in the Oakland MD, but remains problematic. As of third 

quarter 2013, 13.9 percent of mortgages in the Oakland MD were underwater, 

down from 29.7 percent during the third quarter 2012, but higher than the 

national average of 13.0 percent. 

Foreclosure Completion Rates in the San Francisco MSA

Area

Fourth Quarter 2013 Since April 1, 2009

Foreclosure 

Completions

Foreclosure 

Rate

Foreclosure

Completions

Foreclosure 

Rate

San Francisco 510 0.03% 51,640 3.0%

Nation 99,900 0.08% 3,694,900 2.8%

Note: Foreclosure Rates as Percent of All Housing Units; 

 Data through December 2013 for foreclosures since April 2009

Source: Realty Trac and Census Bureau
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 5

The Administration’s Efforts to 

Stabilize the San Francisco MSA 

Housing Market: 

The Administration’s mortgage and neighborhood assistance 

programs--the Home Affordable Modification Program 

(HAMP), the Federal Housing Administration (FHA) mortgage 

assistance programs, the Neighborhood Stabilization 

Program (NSP), and the Hardest Hit Fund (HHF) program–

combined with assistance from the HOPE Now Alliance of 

mortgage servicers and the National Mortgage Servicing 

Settlement have helped stabilize the San Francisco MSA 

housing market.

From the launch of the Administration’s assistance programs 

in April 2009 through the end of December 2013, nearly 

73,500 homeowners received mortgage assistance in the San 

Francisco metropolitan area. Nearly 32,100 interventions 

were completed through the HAMP and FHA loss mitigation 

and early delinquency intervention programs. An estimated 

additional 41,400 proprietary mortgage modifications have 

been made through HOPE Now Alliance servicers. While 

some homeowners may have received help from more than 

one program, the number of times assistance has been 

provided in the San Francisco MSA is nearly 1.5 times 

the number of foreclosures completed during this period 

(51,600). Under the landmark National Mortgage Servicing 

Settlement, more than 186,000 California homeowners have 

benefitted from over $20 billion in refinancing, short sales 

and completed or trial loan modifications, including principal 

reduction on first and second lien mortgages provided as 

of June 30, 2013. Nationwide, the settlement has provided 

more than $51 billion in consumer relief benefits to more than 

643,000 families. That is in addition to the $2.5 billion in 

payments to participating states and $1.5 billion in direct 

payments to borrowers who were foreclosed upon between 

2008 and 2011.

Given over three rounds, the Neighborhood Stabilization Program

has invested $7 billion nationwide to help localities work with non-profits and 

community development corporations to turn tens of thousands of abandoned and 

foreclosed homes that lower property values into homeownership opportunities 

and the affordable rental housing that communities need. 

NSP1 funds were granted to all states and selected local governments on a 

formula basis under Division B, Title III of the Housing and Economic Recovery 

Act (HERA) of 2008; NSP2 funds authorized under the American Recovery and 

Reinvestment Act (the Recovery Act) of 2009 provided grants to states, local 

governments, nonprofits and a consortium of nonprofit entities on a competitive 

basis; and NSP3 funds authorized under the Dodd–Frank Wall Street Reform and 

Consumer Protection Act of 2010 provided neighborhood stabilization grants to 

all states and select governments on a formula basis.

In addition to stabilizing neighborhoods and providing affordable housing, NSP 

funds have helped save jobs. Each home purchased, rehabilitated and sold 

through the NSP program is the result of the efforts of 35 to 50 local employees. 

Overall, a total of $999 million has been awarded to the State of California 

through NSP1, NSP2, and NSP3. Of this, $36 million has been expended in 

the San Francisco MSA. Over 500 households in the San Francisco MSA have 

already benefited from NSP, and activities funded by the program are expected to 

provide assistance to an additional 100 owner-occupied and renter households. 

Prior to NSP, the majority of affordable housing programs in California relied on 

Redevelopment Agency funding for the leverage and matching funds to complete 

projects, but in 2011, the State voted to abolish these agencies. With the lack of 

redevelopment funds, the ability to provide quality affordable housing has been 

a challenge. NSP funds were used to create many affordable housing projects 

throughout California after the redevelopment funds were eliminated. Examples 

of how these funds have been put to use are provided below; all of the examples 

took place in the Oakland Metro Division.

• Alameda County received $2.1 million under NSP 1. Working in 

partnership with many of its hardest hit cities, the County created an NSP2 

Consortium which successfully received an $11 million NSP2 award. 

San Francisco MSA NSP Activity (Housing Units) Originally

Projected Completed

NSP1 245 243

Construction of new housing 179 179

Rehabilitation/reconstruction of residential structures 66 64

NSP2 224 281

Construction of new housing 171 239

Homeownership assistance to low-and moderate income 3 3

Rehabilitation/reconstruction of residential structures 50 39

NSP3 10 0

Rehabilitation/reconstruction of residential structures 10 0
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2014 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on the Housing Market in the San Francisco-Oakland-Fremont, CA MSA | Page 6

Along with three nonprofit development partners, the 

County implemented both a For-Sale LMMI program (a 

Low, Moderate, and Middle Income program which 

serves households with 50%, 80% and 120% or less, 

respectively, of Area Median Income) and a Rental 

LH25 program (25% of NSP funds are set aside for 

low-income housing). The programs targeted foreclosed, 

abandoned, and blighted properties in areas with the 

greatest concentration of these properties. Under the 

single-family program, properties were brought up to code 

and significant energy improvements were made to create 

sustainable properties. To date, the program has acquired 

and rehabilitated 39 single-family homes and sold them 

to qualifying homeowners. Under the rental program, the 

County has four projects comprising 235 rental units, of 

which 192 are for very-low-income households. Two of 

the properties required substantial rehabilitation, and two 

were new construction projects on abandoned lots.

Under its rental program, the Consortium used NSP 

funds to acquire and rehabilitate a 17-unit abandoned 

multifamily property in Hayward, California. The property 

had previously served extremely-low-income victims of 

domestic violence, but the former owner was unable to 

continue operations and closed the property. Sitting 

vacant for nearly four years, NSP funds were used to 

transfer ownership to another nonprofit that was able to 

rehabilitate the property and put very-low- and low-income 

units back on the market. The property utilized green 

building standards, including energy efficient appliances, 

water heaters, windows and heating units. Another 

example of the Consortium’s rental program is the creation 

of shared housing for extremely-low-income households 

who qualify for the state Mental Health Services Act 

program. These foreclosed single-family homes had been 

left vacant and become blighted. The new rental units 

house between 3-4 single individuals who were unable to 

afford housing without the program.

• The City of Oakland received $8,250,668 in NSP1 

funds and an additional $2,070,087 in NSP3 funds. The 

City invested a small portion of its funds into a Community 

Land Trust and was able to purchase and substantially 

rehabilitate 16 homes. The main focus of its program was 

the provision of multifamily rental units. One of its projects, 

the California Hotel, is a 62,400 square foot historic 

landmark that was constructed in 1925 and had been 

operating as affordable housing since 1987. The property 

was acquired by a subsidiary of the nonprofit, East Bay 

Asian Local Development Corporation (EBALDC), after 

the previous owner went bankrupt. EBALDC rehabilitated 

the structure, creating 137 apartments (119 studios, 12 

one-bedroom and 6 two-bedrooms). Twenty-five percent 

of the units target homeless households who have special 

needs and require services that are provided on site. The 

rehabilitation included new windows, plumbing, heating, 

ventilation, a roof, and a solar water heater. Kitchens 

were added to all units and a second elevator was added to the building. 

The project was funded by the City of Oakland from NSP, HOME, State 

Local Housing Trust Fund, and Redevelopment Agency funds. The project 

also received historic and low-income housing tax credit equity, State MHSA 

funds, and a construction loan from a private bank. The rehabilitation began 

in March 2012 and was completed in December 2013.

Another NSP investment, Project Pride, is owned and managed by the East 

Bay Community Recovery Project (EBCRP) which has been in existence since 

1994. Project Pride provides stable, safe, and affordable housing with 

extensive supportive services to address the needs of its residents. EBCRP 

and its nonprofit development consultant, Affordable Housing Associates, 

rehabilitated a vacant, blighted, and foreclosed single-room occupancy hotel 

in a western section of Oakland to provide a sustainable permanent home for 

the Project Pride program. In the process, the rehabilitation greatly enhanced 

a blighted area in the neighborhood. The project includes 20 rental units and 

provides housing for women and their children. Extensive supportive services 

are provided on site, including substance abuse treatment and mental health 

services. Project Pride residents also have access to EBCRP’s Outpatient 

Treatment program, located immediately next door. Project Pride features a 

fully-equipped commercial kitchen, a dining room, flexible-use community 

rooms, laundry facilities, cooperative childcare space, recreational open 

space, computers, and offices for supportive services. 

• The City of Richmond received $ 3,346,105 in NSP1 funds and an 

additional $1,153,172 in NSP3 funds. Richmond focused its funds on 

acquiring and rehabilitating single-family homes. Under NSP1, 17 homes 

were purchased and an additional four properties are in the pipeline under 

NSP3.

• The Cities of Hayward and Livermore received a total of $3,784,984 

in NSP1 funds through the State of California. The City of Livermore utilized 

a portion of its funds in the Cities of San Leandro and Berkeley and 

focused on providing homebuyer assistance through down payment, closing 

cost, and rehabilitation assistance loans. 

The Administration allocated $1.975 billion from its Hardest Hit Fund

to the state of California. California Housing Finance Agency Mortgage 

Assistance Corporation (CalHFA MAC) administers Keep Your Home 

California (KYHC), which was launched in January 2011. Since the 

beginning, CalHFA MAC has been the largest volume driver for homeowners 

assisted relative to its peers. As of September 30, 2013, the most recent 

quarter for which data are available, KYHC had assisted 29,909 California 

homeowners with $468.6 million, or about 24% of their total program 

allocation. KYHC is actively helping homeowners at high risk of default or 

foreclosure through several programs: Unemployment Mortgage Assistance 

Program, Mortgage Reinstatement Assistance Program, Principal Reduction 

Program, Transition Assistance Program, and targeted, local Innovation Fund 

programs such as the Community Housing Works C2MPRP program. For 

additional information, please see http://keepyourhomecalifornia.org.