The California Housing Finance Agency's Board of Directors has approved the reallocation of $5.4 million in funds to support low- and moderate-income families looking to purchase homes once destined to give way to the scuttled SR-170 extension, State Senator Maria Elena Durazo announced this week. 

"This unanimous vote represents a commitment to ensuring that affordable homeownership remains within reach for families in our communities," said Durazo in a statement. "The SR-710 program transforms what was once a stalled freeway project into real opportunities for families to build wealth and stability through homeownership." 

To date, the California Housing Finance Agency has approved $10 million in loans for 77 borrowers to purchase homes within the SR-710 corridor. An addition 81 borrowers are seeking $10.6 million in additional financing.

Caltrans acquired more than 400 residential properties within the SR-170 right-of-way more than four decades ago - land that has since been slated for repurchase by low- and moderate-income buyers by the Roberti Act. The state program helps homebuyers within Los Angeles, South Pasadena, and Pasadena, which has its own plans for the land once slated for the freeway extension.

The Housing Authority of the City of Los Angeles has also taken steps to secure funding for the construction of new affordable housing and the rehabilitation of existing residential properties within the SR-710 area.

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